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To put in money into a potentially profitable business/market.
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| The production, importation, and exportation of goods. |
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| A viewpoint that influences one's economic choices. |
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| The cost of an activity measured in sacrifice of the next-best or better choice. |
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| The process of identifying benefits and costs of different alternatives by examining the incremental effect on total revenue and total cost caused by the very small change in the output or input. |
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| Step by step approach consisting of identifying issues, accumulating data, and formulating decisions. |
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| Statement of inter-relationships among economic factors that explain what may cause what, or what may happen under certain circumstances. |
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| Other-things-equal Assumption |
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| Although not a legitimate method of explaining the cause and effect of a concept, it is useful to explain or devise analytical framework. |
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| Economics on a small scale |
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| Economics on a large scale. |
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| Collective sum arrived at putting together all components of a group without implying that the result is whole. |
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| Even though the wants and needs of people are unlimited, economic resources are not. |
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| The individual fianncial statement items are grouped by departments. It shows comparison between the financial data for the past accounting or budgeting periods and estimated figures for the current or future period. |
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| Resources that are independent i.e corn, oil, wool. Or raw goods. |
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| The ability to successfully do tasks that an entrepreneur would do. |
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| Land, labor, capital, and entrepreneurship. Also known as Man, machine, method, money. |
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| Products that are purchased for consumption by the average user. |
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| Production possibility curve |
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| A graphical representation of the alternative combinations of the amounts of two goods or services that an economy can produce by transferring resources from one good or service to the other. |
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| Law of Increasing Opportunity Cost |
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| The proposition that opportunity cost, the value of foregone production, increases as the quantity of a good produced increases. |
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| An increase in the capacity of an economy to produce goods and services, compared from one period of time to another. |
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