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What is meant by the natural rate of unemployment?
Opportunity Cost
The financial loss associated with rejecting the subsequent preferable choice when deciding or selecting amongst various options.
Specialization
The process of focusing on and becoming expert in a particular subject or skill, or of businesses, regions, or nations concentrating on producing certain goods or services.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision, essentially what is given up when choosing one option over another.
Specialization
The practice of focusing effort on a particular field or discipline, leading to increased efficiency and expertise in that area.
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