Examlex
Language is based on sound units called morphemes.
Production Possibilities Curve
A graphical representation that shows the maximum possible output combinations of two goods that an economy can achieve with its existing resources and technology under full employment.
Alternative Good
A product that consumers can use in place of another; often considered when examining choices or preferences in consumption.
Scarcity
The primary economic challenge is the existence of boundless human demands and necessities within a finite supply of resources.
Technology Advances
Progressive developments and improvements in technology that enhance productivity, efficiency, and the quality of goods and services.
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