Term
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Definition
Things that are required in life to live.
-you HAVE to have it |
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Term
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Definition
| Things that are desired for comfort and pleasure in life |
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Term
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Definition
Things you can see and touch.
Things purchased to meet wants and needs |
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Term
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Definition
Activities that are used when they are made. Lawn mowing, haircuts, teaching
Purchased by businesses as well as consumers |
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Term
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Definition
Ways goods and services are provided "factors of production"
-natural
-human
-capital |
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Term
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Definition
| Businesses supply the goods and services that meet business and consumer needs and wants |
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Term
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Definition
| people producing goods and services |
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Term
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Definition
| the risk taker who uses resources to make something new |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| not having enough resources for all the needs |
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Term
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Definition
| choosing which wants and other things will be satisfied |
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Term
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Definition
| when you give up one thing for another thing |
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Term
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Definition
the value of the next best alternative that you did not choose
the choice you made should be better than the other |
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Term
| The basic economic problem |
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Definition
| mismatch of unlimited wants and needs and unlimited economic resources |
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Term
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Definition
| decisions among the alternatives |
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Term
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Definition
define the problem
identify the choices
evaluate the advantages and disadvantages
choose one
act on your choice
review your decision |
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Term
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Definition
| nations plan for answering the three economic questions |
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Term
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Definition
| resources are owned and controlled by the government |
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Term
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Definition
| resources are owned and controlled by the people in the country |
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Term
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Definition
| goods and services are produced they way they always have |
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Term
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Definition
| combines elements of the command and market economies |
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Term
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Definition
| private ownerships of resources by individuals instead of the government |
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Term
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Definition
| fight between businesses to sell the most goods |
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Term
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Definition
someone who buys and uses goods and services
-set demand for a product or service |
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Term
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Definition
| individuals and organizations that determine what products and services will be available for sale (make goods and services for others) |
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Term
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Definition
| the quantity of a good or service that consumers are willing and able to buy |
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Term
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Definition
| refers to the quantity of a good or service that businesses are willing and able to provide |
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Term
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Definition
| the point where supply and demand are equal |
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Term
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Definition
| the relationship between the price of the product and the quantity businesses will supply |
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Term
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Definition
| businesses offering very similar products to the same coustomers |
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Term
| 4 principles of the US economic system |
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Definition
private property
freedom of choice
profit
competition |
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