Examlex
An outward shift in the entire production possibilities frontier
Nominal Interest Rate
The rate of interest before adjustments for inflation; the stated rate on a loan or investment.
Real Interest Rate
The Real Interest Rate is the nominal interest rate adjusted for inflation, reflecting the true cost of borrowing or the true return on savings.
Economic Efficiency
Refers to the optimal production and distribution of resources to maximize social welfare and minimize waste.
Real Wage
The purchasing power of wages, adjusted for inflation, indicating the quantity of goods and services that can be bought.
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