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How does this work reflect political events?
Normative Statement
An opinion or assertion about how the world ought to be, often reflecting values or judgments that cannot be tested or proven true or false.
Production Possibilities Frontier
A graph that shows the various combinations of output that an economy can possibly produce, given the available factors of production and the available production technology.
Trade-Off
A choice made in a given situation where one aspect of a set or design is reduced or forfeited to improve other elements.
Opportunity Cost
The dropping of possible gains that could come from other alternatives when a specific one is chosen.
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