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Definition
| The resources we use to produce goods and services are limited |
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Definition
| The study of choices when there is scarcity |
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Definition
| The resources used to produce goods and services: Natural Resources, Labor, Physical Capital, Human Capital, Entrepeneurship |
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Definition
| Resources provided by nature and used to produce goods and services |
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Definition
| Human effort, including both physical and mental effot, used to produce goods and services |
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Definition
| The stock of equipment, machines, structures and infrastructure that is used to produce goods and services |
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Definition
| The knowledge and skills acquired by a worker through education and experience and used to produce goods and services |
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Definition
| The effort used to coordinate the factors of production to production to produce and sell products |
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Term
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Definition
| Answers the question "What is?" or "What will be". Fact Based |
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Term
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Definition
| Answers the question "What ought to be". Opinion Based |
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Term
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Definition
| A simplified representation of an economic enviroment, often employing a graph |
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Term
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Definition
| A measure of something that can take on different values |
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Term
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Definition
| A small, one unit change in value |
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Term
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Definition
| The latin expression meaning that other variables are held fixed |
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Term
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Definition
| The study of the nations economy as a whole; focuses on the issues of inflation, unemployment, and economic growth |
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Definition
| The study of the choices made by households, firms, and governments and how these choices affect the markets for goods and services |
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Definition
| A relationship in which two variables move in the same direction |
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Term
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Definition
| A relationship in which two variables move in opposite directions |
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