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What is outsourcing? Give an example of outsourcing.
Opportunity Cost
The expense incurred by not choosing the second-best option available when a decision is made or an action is taken.
Pure Capitalism
An economic system characterized by private ownership of the means of production and where investments, distribution, income, production, and prices are determined by the market.
Owns No Resources
The condition of not having access to or control over any assets, capital, or means of production.
Production Possibilities Frontier
A curve that shows the different combinations of various goods that a country can produce given certain resources and technology.
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