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| the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. |
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| is the stock of competencies, knowledge, habits, social and personality attributes, including creativity, cognitive abilities, embodied in the ability to perform labor so as to produce economic value. |
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| is the set of individuals who make up the workforce of an organization, business sector, or economy. "Human capital" is sometimes used synonymously with human resources, although human capital typically refers to a more narrow view |
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| or facotrs of production are the inputs used to produce the goods and services that people want |
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| is the physical and mental effort used to produce goods and services |
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| someone who tries to earn a profit by delveloping a new produt or finding a better way to produce an exsisting one. |
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| are so called "gifts of nature" they include land, forests, minerlas, oil reserves bodies of water and even animals |
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| include all human creations used to produce goods and services |
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| any item that is tangible something that you can see, feel, and touch. |
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| something that is not tangible like the fifth symphony orchestra is a service not a good. |
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| are the means by which buyers and sellers carry out exchange |
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| focuses on your econmic behavor and the econmic behavior of other individuals and firms who make choices involving what to buy and what to sell. |
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| study of the econmic behavior of the economy as a whole |
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| incremental additonal extra or one more refers to a change in an econmic variable |
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| is the value of the best alternative you must pass up |
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| which is a cost you have already incurred and cannot recover reguardless of what you do. |
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| the flow in which the economy goes in a circle |
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| refers to fluctuations in aggregate production, trade and activity over several months or years in a market economy. |
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| is the set of mechanisms and instituions that resolves the what, how and for whom questions |
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| describes the U.S. economic system where markets play a relativly large role |
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| an economic system in which all resoruces are government owned and all production is directed by the central plans of the government |
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| an economic system that mixes central planning with competitive markets |
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| an ecnomic system in the process of shifting from central planning to competitive markets |
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| an economic system shaped lartegly by custom or religion |
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| as a Scottish moral philosopher and a pioneer of political economy. One of the key figures of the Scottish Enlightenment |
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production possibilites frontier
PPF |
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| shows the possible combinations of 2 types of goods that can be produced when avaliable resoruces are employed effincetly |
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| as a German philosopher, economist, sociologist, historian, journalist, and revolutionary socialist. |
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| law of increasing opportunity costs |
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| each additonal increment of one good reqiures the economy to give up succesficuflly lager increments of the other good |
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| an expasnion of the economys production possiblites or ability to produce |
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| the ability to make something using fewer resources than other producers reqiure |
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| the worker, firm, region, or country, with the lowest opportunity cost of producing an output should specialize in that output |
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| occurs when individual workers focus on single tasks enabling each worker to become more efficent and productive |
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| a system of exchange in which products are traded directly for other products |
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| organizses the production proces so that each worker speicliseszs in a seperate task |
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| anything that everyone is willing to accpet in exchange for goods and services |
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