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| study of how individuals and nations make choices about how to use scarce resources to fufill their wants |
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| anything that eople can use to make or obtain what they want |
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| people do not and cannot have enough income, time or other resources to satisfy desires |
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| everything other than basic needs |
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| Type of resource: Capital |
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| all property people use to make other goods an services |
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| Type of resrouce: Entrepreneurship |
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| ability of individiuals to start new buisnesses for new products and techniques and to improve management techniques |
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| The value of the next best alternative that had to be given up for the alternative that was given |
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| 1 out of 4 Basic questions |
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| How should goods and services be produced |
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| 2 out of 4 basic questions |
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| what and how much should be produced |
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| 3 out of 4 basic questions |
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| 4 out of 4 basic questions |
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| who should share what is produced |
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| tradition dictates the role each individual plays |
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| government controls factors of production and makes all decisions about the use |
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| government does not intervene |
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| contains charactersitcs of a command economy and a market economy |
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| private individuals own the factors of producetion and decide how to use them within the limits of the law |
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| individuals are free to own and control the factors of production |
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| rivalry among producers or sellers of smiliar goods to win more buisness |
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| 1 out of 3 advantage of free enterprise |
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Definition
| high level of economic and personal freedom |
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| 2 out of 3 advantage of free enterprise system |
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| 3 out of 3 advantage of free enterprise system |
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| government is limited to providing public goods |
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| the state controls most of everything |
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| government usually controls only some areas of the economy |
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| viewed history as a continual struggle between various groups in society |
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