Term
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Definition
| Scientific and technical techniques used to produce exisiting products more efficiently or of higher quantity. |
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Term
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Definition
| One who buys goods or services for personal use rather than for resale or use in production or manufactoring. |
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Term
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Definition
| The Free eschange of goods and services. |
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Term
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Definition
| An economy in which production is based on customs and traditions. |
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Term
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Definition
| An unneccessary but desired good and/or service. |
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Term
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Definition
| A system in which private business operates with minimal government involvement. |
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Term
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Definition
| The fundamental condition of economics that results from the combination of limited resources and unlimited wants. |
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Term
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Definition
| The value lost by rejecting one use of resources in favor of another (in other words, an actions is the values of the next best alternative.) |
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Term
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Definition
| The relationship of mutual reliance and influence among people, buisnessess, industries, regions, and nations. |
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Term
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Definition
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Activities
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Within Budget
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Parents Approve
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Lasting Benefits
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Entertaining
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Go to Chior practice
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Yes
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Yes
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Yes
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Yes
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Go Out to Dinner
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No
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No
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No
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Yes
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Watch T.V.
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Yes
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Maybe
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No
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Yes
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Finish Homework
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Yes
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Yes
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Yes
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No
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Go to football game
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Yes
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No
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No
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Yes
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