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Production Possibilities Frontier
A curve showing the maximum attainable combination of two products that may be produced w available resources and current technology
The highest valued alternative that must be given up to engage in an activity
The ability of the economy to increase the production of goods and services
The act of buying and selling
The ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources.
A group of buyers and sellers of a good or service and institution or arragement by which they come together to trade
Markets for goods such as computers and services such as medical treatment
Markets for the factors of production, such as labor capital, natural resources and entrepreneurial ability
Facotrs of production
The inputs used to make goods and services
A model that illiustrates how participants in markets are linked
A market with few gov. restrictions on how a good or serv. can be produced or sold or on how a factor of productionn can be employed
Someone who operates a business, bringing together the factors of production, labor capital, and natural resources to produce goods and services
The rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.
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