Examlex
Match each statement to the item listed below.
-obligations that must be satisfied within a year
Production Possibilities Frontier
A graphical representation that shows the maximum combination of goods and services that can be produced with a fixed amount of resources.
Rate Of Trade-off
The rate at which one factor must be decreased in order to increase another factor, commonly used in the context of opportunity cost.
Resources
Assets or inputs used in the production of goods and services, such as labor, capital, and natural resources.
Opportunity Cost
The loss incurred by rejecting the immediate best alternative when arriving at a decision.
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