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As a General Rule

question 13

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As a general rule,


Definitions:

Opportunity Cost

The sacrifice involved in not picking the subsequent preferable option at the time of decision-making.

Freight Train

A train that is used for transporting goods, cargoes, and commodities rather than passengers.

Producing

The process of creating goods or services that can be sold or used, often involving raw materials, labor, and machinery.

Production Possibility Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs.

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