Term
| What is the extra cost of producing one additional unit of output? |
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Definition
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Term
| What is one benefit of competition? |
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Definition
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Term
| What is a market economy based on? |
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Definition
| capitalism and free enterprise |
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Term
| What is it call when you are choosing between building a new school or improving a wastewater treatment plant? |
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Definition
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Term
| What is a fundamental economic problem? |
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Definition
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Term
| What is an example of incentive? |
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Definition
| low interest rate on a credit card |
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Term
| To study a specific part of the economy economists use what? |
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Definition
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Term
| What is a mortgage payment an example of? |
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Definition
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Term
| When is a cost benefit analysis useful? |
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Definition
| deciding what, how, and for whom to produce |
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Term
| What is an example of opportunity cost? |
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Definition
| not going to a movie with friends in order to study |
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Term
| What is a market economy? |
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Definition
| an economic system in which supply, demand, and prices help people make decisions and allocate resoiurces |
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Term
| Who looks at economics from a large perspective where it deals with the economy as a whole and decision making by large units such as governmet? |
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Definition
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