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| A risk-taker in search of profits who does something new with existing resources. |
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| Te study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources. |
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| A basic requirement for survival and includes food, clothing, and shelter. |
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| A way of expressing a need. |
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| An item that is economically useful or satisfies an economic want, such as a book, car, or compact disk player. |
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| Work that is performed for someone. |
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| A measure of the amount of output produced by a given amount of inputs in a specific period of time. |
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| The cost of the next best alternative use of money, time, or resources when one choice is made rather than another. |
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| One in which consumers and privately owned businesses, rather than the government, make the majority of the what, how, and for whom decisions. |
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| The quality of life based on the possession of the necessities and luxuries that make life easier. |
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| A condition that results from society not having enough resources to produce all the things people would like to have. |
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Term
1. Land- Where someone starts a business
2. Capital- Money
3. Labor- Employees
4. Entrepreneurs- Business man/lady |
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Definition
What are the 4 factors of production?
Explain them. |
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