Examlex
Describe the types of memory problems displayed by Patient H.M.
Production Possibilities Curve
A graphical representation that shows the various combinations of two products that an economy can produce using all its resources efficiently.
Economies of Scale
Cost advantages reaped by companies when production becomes efficient, due to the scale of operation increasing.
Opportunity Cost
The abandonment of potential improvements from other possibilities once one choice is made.
Absolute Advantage
A country's ability to produce a good more efficiently than other countries, requiring fewer resources for the same output.
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