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Increasing Opportunity Costs
The economic concept that as production of a good increases, the opportunity cost of producing an additional unit of that good also increases.
Production Possibilities Schedule
A graphical representation that shows the different combinations of two goods or services that can be produced within a given time period, provided that available resources and technology are static.
Consumer Goods
Goods that are produced for direct consumption by the end user.
Capital Goods
Long-term assets purchased by businesses to produce goods and services.
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