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The incentive that drives individuals and business owners to improve their material well-being
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| THe principle that anyone can compete in the marketplace. |
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| The principle that everyone has the same legal rights |
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The principle that people have the right to control their possessions and use them as they wish.
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The principle that people may decide what agreements they want to enter into.
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The principle that people may decide what, when, and how they want to buy and sell.
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| Private orginization that tries to persuade public officials to act in ways that benefit its members |
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| The right of a government to take private property for public use |
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| The concerns of society as a whole |
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The study of economic behavior and decision-making in a nathions whole economy.
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The study of the economic behavior and decision-making in small units, such as households and firms.
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| the total calue of all final goods and services produced in a country in a given year. |
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| A period of macroeconomic expansion, or growth, followed by one of contraction, or decline. |
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| A proposed law submitted directly to the public |
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| Situation in which older products and processes become out-of-date |
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| A government license that gives the inventor of a new product the exclusive right to produce and sell it. |
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| a government license that grants an author exclusive rights to publish and sell creative works. |
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| A commitment to the value of work. |
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| A shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude those who did not pay. |
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| The part of the economy that involves the transactions of individuals and businesses. |
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| the part of the economy that involves the transactions of individuals and businesses. |
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| The basic facilities that are necessary for a society to function and grow |
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| Someone who would not be willing to pay for a certain good or service but who would get the benefits of it anyway if it were provided as a public good. |
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| A situation in which the free market, operating on its own, does not distribute resources efficiently. |
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| An economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume. |
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| An income level below that which is needed to support families or households |
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| Government aid to the poor |
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| Direct payments of money by the government to poor, disabled, or retired people. |
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| Goods and services provided for free or at greatly reduced prices |
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| A financial award given by a government agency to a private individual or group in order to carry out a specific task. |
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