Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-Socrates
Production Possibilities Frontier
A graph that shows the combinations of two goods or services that an economy can produce, given its technological capabilities and resources.
Adaptable Resources
Resources that can be adjusted or converted to meet changing conditions or requirements within an economy or market.
Closed Economy
An economic system that does not engage in international trade, with no exports or imports, relying solely on domestic production and consumption.
Japan
An island country in East Asia, known for its rich culture, technological advancements, and significant economic power.