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Definition
| a system for coordinating society's productive activities |
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Term
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Definition
| the study of economies, at the level both of individuals and of society as a whole |
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Definition
| an economy in which decisions about production and consumption are made by individual producers and consumers |
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Definition
| the way in which the individual pursuit of self-interest can lead to good results for society as a whole |
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Definition
| the branch of economics that studies how people make decisions and how these decisions interact |
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Definition
| a downturn in the economy |
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Term
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Definition
| the branch of economics that is concerned with overall ups and downs in the economy |
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Term
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Definition
| the growing ability of the economy to produce goods and services |
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Term
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Definition
| the decision by an individual of what to do, which necessarily involves a decision of what not to do |
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Term
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Definition
| anything that can be used to produce something else |
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Term
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Definition
| the quantity available isn't enough |
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Term
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Definition
| the real cost of an item, what you must give up in order to get it |
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Term
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Definition
| when you compare the costs with the benefits of doing something |
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Term
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Definition
| decisions about whether to do a bit more or a bit less of an activity |
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Term
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Definition
| the study of marginal decisions |
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Term
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Definition
| anything that offers rewards to people who change their behavior |
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Term
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Definition
| my choices affect your choices, and vice versa |
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Term
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Definition
| in a market economy, individuals provide goods and services to others and receive goods and services in return |
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Term
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Definition
| people can get more of what they want through trade than they could if they tried to be self-sufficient |
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Term
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Definition
| each person specializes in the task that he or she is good at performing |
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Term
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Definition
| when no individual would be better off doing something different |
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Term
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Definition
| when an economy takes all opportunities to make some people better off without making other people worse off |
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Definition
| everyone gets his or her fair share |
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