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| the way a nation determines how to use its resources to satisfy its people's needs and wants |
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| answers the three basic questions according to tradition |
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| a command or controlled system, government leaders control the factors of production and make all decisions |
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| economic diecisions are made not by government by by individuals looking out for their own and their families best interests |
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| the voluntary exchange of goods and services between buyers and sellers |
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| circular flow of income and output |
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| a model used to illustrate how the market system works |
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| combines basic elements of a pure market economy and command economy |
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| version of the ideal economic system |
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| another name for pure capitalism |
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| emphasizes that individuals are free to own and control the factors of production |
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| is the amount left after all the costs of production have been paid |
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| motivates entrepreneurs to produce new goods and services |
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| the rivalry among producers of similar products to win more business by offering lower prices or better quality |
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| property that is owned by individuals or groups rather than by the federal, state, or local governments |
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| using our limited resources wisely |
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| the material well-being of an individual, group or nation |
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| producing increasing amounts of goods and services over the long term |
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