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Plentiful, no one owns them, no price not really scarce.
ex: sunshine, air |
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| tangible object that you can touch |
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Goods and services that are useful, relatively scare, they have a price.
ex: chair, dog, plumber |
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| A good that is intended for final use by an individual |
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| manufactured good used to produce other goods and services |
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item that last up to 3 or more years used on a regular basis
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| item that last three or less years when used on a regular basis |
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| work that is performed for someone else |
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| people who use goods and services to satisfy wants and needs |
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| process of using up goods and services in order to satisfy wants and needs |
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| use of good or service to impress others |
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| something that has worth that can be expressed on dollars and cents |
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| capacity for a good or service to be useful to someone |
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| the sum of the economic products that are tangible useful and scarce |
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| when people perform a few individual task frequently(assembly line) |
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| similar to division of labor when people do whatever task they are best at |
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| the sum of skills health motivation of people |
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| action in one part of world has an economic impact on what happens in another part |
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