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Terms in this set (6)
the goods and services that a nation produces and then sells to other nations
the goods and services that a nation buys from other nations
country's ability to produce more of a given product than can another country
production possibilities curves
diagram representing maximum combinations of goods and/or services an economy can produce when all productive resources are fully employed
country's ability to produce a given product relatively more efficiently than another country; production at a lower opportunity cost
cost of the next best alternative use of money, time, or resources when one choice is made rather than another
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