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| The Study of choices that individuals and societies make in the production, distribution and consumption of goods. |
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| Any system for production, distribution, and consumption of goods and services. |
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| Seeks to show the relationships among various components of an economy. |
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| A tangible item that people want and for which they will pay. |
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| Intangible goods produced by labor for which people expect to pay. |
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| The human desire to have and use a certain good. |
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| Mechanism that allows people to exchange goods. |
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| The quantity of a good for sale at a certain price under certain conditions, or simply- the amount of a good that is produced. |
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| The amount of a good that is bought at a certain price under certain conditions. |
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| People who work to provide goods. |
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| A necessity- something it would be difficult to do without. |
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| The worth that consumers attach to it. |
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| Anything used in production and distribution of goods and services. |
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| Things produced for direct use by consumers. Made to directly satisfy people's wants. |
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| The general rules and principals guiding the production, distribution and consumption of goods. |
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| The aim of this economic system was to build up the state's treasury. |
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| The difference in value of the goods that a country sells abroad compared to those it purchases from other countries. |
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| Taxes that governments apply only to imported goods. |
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| The establishment of colonies and extensive territories created to benefit their mother countries. |
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| What the french economists called themselves. |
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| What does "Laissez-faire" mean? |
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| The theories developed by economists of the 19th and early 20th centuries that stated that the free market was the best possible economic system. |
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| The founder of modern economics. |
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| The separation of work into individualized tasks. |
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| Division of tasks among workers allowed the production of goods by people doing the jobs they did best. |
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| When individual producers and consumers are allowed to pursue their own interests, they are brought together |
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| The value of all the things that people own. |
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| The industrial skills and scientific methods that make possible efficient production-results from applying intelligence to work. |
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| And old word for the bad habit of spending more than one can afford. |
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| Seeks to help those making decisions, to make wise choices. |
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| A very large number of people to whom very large quantities of products are sold. |
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| The study of national and international economies and how these major economies are affected by large scale choices and public policies. |
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| The study of specific components within a major economy and how the choices made by individuals,household, and business affect that economy. |
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| Economic resources used in the production of goods; The four factors are natural resources, labor, capital and entrepreneurship. |
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| Found chiefly in the developed nations, emphasizes the role that information plays as people try to combine the traditional four factors of production in the best way possible. |
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| A system in which decisions involving the production, distribution and consumption of goods are based upon custom, heredity and caste. |
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| Command Economy; Also known as planned or directed economy. |
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| A system in which a centralized authority determines the production and distribution of goods and services, aswell as things like savings, investments and prices. |
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| Free Enterprise Economy; Also known as, Private Capitalism or Market Economy. |
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| A system in which people are free to make their own economic choices. |
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| A system that combines a good measure of free enterprise in some areas, but with heavy state regulation in the other. |
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| The first factor; includes land and other raw materials. |
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| The second factor of production; any work that contributes to the production of goods and services. |
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| An economic system that provides barely enough to keep a society alive. |
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| The system in which the majority of the nation's capital is owned and controlled by private individuals and business. |
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| A system in which the owner of much of the nation's capital is a powerful, centralized apparatus called the collectivist state |
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| Anyone who owns producer goods or owns a share of some business that produces goods. |
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| A person who undertakes the management and financial risk of an economic enterprise. |
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| Entrepreneurship or Management |
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| The intelligent direction and supervision of natural and human economic resources. |
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| Illustrates how resources and products move through the market. |
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| In which the factors of production are sold. |
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| In which Consumer products are sold. |
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