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| Study of how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants. |
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| deals with behavior and decision making by small units such as individuals and firms |
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| Deals with the economy as a whole and decision making by large units such as governments. |
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| This means that people do not have enough income, time and other resources to satisfy their every want. |
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| The resources necessary for the production of goods and services. |
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| A natural resource present without human intervention. |
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| Tangible items that people buy |
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| Activities done for others for a fee |
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| Manufactured goods used to produce goods and services |
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| Ability of individuals to start new businesses, or introduce a new product |
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| Use of science to produce goods and services, |
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| Money that the government collects through taxes |
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| exchanging one thing for another |
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Definition
| the value of the next best alternative that had to be given up to do the action that was chosen |
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Term
| production possibilities curve |
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Definition
| a model to show the maximum combination of goods and services that can be produced from a fixed amount of resources |
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