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Ch 1 & Ch 20
davis economics
6
Economics
12th Grade
02/07/2008

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Term
Scarcity
Definition
condition that results from society not having enough resources to produce all teh thinkgs people would like to have.
Term
economics 
Definition
study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources.
Term
three basic questions
Definition
what to produce/how to produce/for whom to produce
Term
factors of production
Definition
land/capital/labor/entrepreneurs
Term
land
Definition
nature
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