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Definition
| resources that are natural and can be used by man like coal and oil |
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Definition
| people that work or provide a service to other people |
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Definition
| tools, machines and factories used to produce goods |
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Term
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Definition
| resources that can be renewed or replaced |
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Definition
| resources that cannot be renewed or replaced |
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Term
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Definition
| the cost of passing up the next best choice when making a decision |
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Definition
| people who provide a service using their brains instead of their hands |
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Term
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Definition
| people who work with their hands to provide a service |
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Term
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Definition
| when the local people make the decisions |
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Term
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Definition
| when the governement makes the decisions about how money is spent |
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Term
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Definition
| when the governement makes the decisions about how money is spent |
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Term
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Definition
| the distribution of resources |
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Term
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Definition
| goods that are supposed to last a long time |
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Term
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Definition
| goods that you expect to wear out quickly |
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Term
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Definition
| to supply with aid or information for someone |
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Term
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Definition
| amount of money left over after paying for the cost of the product |
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Term
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Definition
| how much of an item there is |
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Term
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Definition
| the amount of a good or service that people are both willing and able to buy |
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Term
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Definition
| the amount of a good or service that people are both willing and able to buy |
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Term
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Definition
| the price at which a product can be sold |
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Term
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Definition
| not enough of what is needed |
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Term
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Definition
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Term
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Definition
| production and distribution decisions are determined by the way things have been done in the past |
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Term
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Definition
| central authority (government) makes the production and distribution decisions |
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Term
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Definition
| production and distribution decisions are made by individuals (what people want will be provided) |
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Term
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Definition
| things you have to have to survive: food, water, shelter, clothing |
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Term
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Definition
| things you would like to have but do not need to survive |
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Term
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Definition
| a person or company which supplies or sells goods or services |
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Term
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Definition
| a person or company that buys and uses goods and services |
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Term
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Definition
| the money which a person earns from providing a service or an organization receives from investments |
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Term
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Definition
| the business of announcing that something is for sale or of trying to persuade customers to buy a product or service |
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Term
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Definition
| the action of companies or individuals who are trying to do better than others, to win a larger share of the market, to control the use of resources, etc |
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Term
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Definition
| we depend on others to provide goods and services and they depend on us to pay for and consume their goods and services |
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Term
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Definition
| trading one product or service for another product or service without exchanging money |
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Term
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Definition
| company owned by one person |
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Term
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Definition
| company owned by two or more people |
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Term
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Definition
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Term
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Definition
1)an acceptable medium of exchange in a society
2)Must be a store of value - won't suddenly become worthless
3) Easily divisible
4) High value for weight
5) Hard to counterfeit |
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