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Production Possibilities Curve
A graphical representation that shows the maximum quantity of two goods that can be produced within a given resource constraint.
Trading Possibilities Curve
A graphical representation that shows the different quantities of two goods or services that a country can efficiently produce and trade given fixed resources.
Specialize
The process of focusing on a narrow area of expertise or production, allowing individuals or firms to increase efficiency and quality.
Domestic Price
The price of goods or services within a country's borders, as opposed to their price when exported.
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