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International A level Economics Unit 1 (Microeconomics) definitions
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Production possibility frontier
Production possibility frontier
Shows the maximum output combinations of two goods that an economy can produce when all its resources are fully and efficiently employed
Specific tax
Specific tax
It is charged as a fixed amount per unit of a good and would cause a parallel shift of the supply curve
Private benefits
Private benefits
Benefits to consumers and producers who are internal to the exchange
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