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What substitution did Glatzmaier and Roberts make in their model?
Capital Goods
Long-term assets used in the production of other goods and services, like machinery, buildings, and equipment.
Economic Growth
An increase in the production of goods and services in an economy over a period of time, often measured by GDP.
Opportunity Costs
Opportunity costs represent the benefits or values that are forfeited as a result of choosing one alternative over another.
Guns
Firearms designed to discharge projectiles at high speeds, utilized for a variety of purposes including defense, hunting, and sporting activities.
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