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Definition
| The situation in which unlimited wants exceed the limited resources available to fulfill those needs. |
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Definition
| Tangible (things you can touch/see) things like books, computers or IPads. |
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Definition
| Activity done for others, e.g. doctors, lawyers, tailors, barbers. |
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Definition
| All the people in one home. Households offer labour and want goods and services. |
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Term
| Firm, company or business |
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Definition
| An organization that produces a good or service. |
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Definition
| A firms revenue is the total amount received for selling a good or service. (Price per unit X total number of units sold) |
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Definition
| Difference between its revenue and its costs. |
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Definition
| Financial (shares, stocks, bonds, bank accounts, money) and Physical (goods used to make other goods, building, factory, tools, machines, warehouses, trucks). |
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Definition
| Training and skills that a worker has. (college degrees, work experience) |
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Definition
| The process used by a firm to produce goods and services. |
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Definition
| Any improvement in a good or in the means of producing a good. |
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Definition
| A simplified version of reality used to analyze real-word economic situations. |
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Definition
| Someone who operates a business. |
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