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Discuss the current constitution of Texas. Define its strengths and weaknesses. Why is revision so difficult?
Productive Efficiency
A situation in which an economy or entity is operating in such a way that it cannot produce more of one good without producing less of another.
U.S. Economy
The economic system of the United States, characterized by private enterprise, a variety of industries, and is considered one of the largest and most influential economies in the world.
Production Possibilities Frontier
A graph that shows the highest production potential for two products, based on available resources and various factors.
Means of Production
The resources—including land, labor, capital, and technology—used to produce goods and services in an economy.
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