Examlex
All of the following are best categorized as _____: the U.S. Postal Service, museums, and almost all colleges and universities.
Production Possibilities
A curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors.
Opportunity Cost
Forgoing possible gains from alternative paths when one path is chosen.
Farmer
An individual engaged in agriculture, raising living organisms for food or raw materials.
Comparative Advantage
The ability of a party to produce a particular good or service at a lower marginal and opportunity cost than another.
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