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3 Cards in this Set
- Front
- Back
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Front (Term) Productivity efficiency |
Back (Definition) The output of one good cannot be attained without reducing the output of some other good as seen in the production possibilities curve |
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Front (Term) The invisible hand |
Back (Definition) Adam Smith term which is a metaphor for the economic guidance system that leads to desirable economic outcomes |
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Front (Term) Price mechanism |
Back (Definition) Guides the invisible hand |
