Term
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Definition
| land, labor, capital, and entrepreneurship |
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Term
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Definition
| things used in producing goods and services |
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Term
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Definition
| answer who, what, and how based on cultural ideas |
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Term
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Definition
| no government involvement in economic decisions |
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Term
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Definition
| governmant makes economic decisions |
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Term
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Definition
| output of worker over a period of time |
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Term
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Definition
| output of goods and services in a country |
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Term
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Definition
| total dollar value of goods and services produced by a nation |
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Term
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Definition
| measures wholesale price levels in the economy |
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Term
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Definition
| not associated with the government |
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Term
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Definition
| word, symbol, or anything that identifies that company that cannot be used by anyone else |
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Term
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Definition
| compete on factors not related to price |
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Term
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Definition
| exclusive control over a market |
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Term
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Definition
| money earned after conducting business after expenses |
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Term
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Definition
| amount of goods you are willing to sell |
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Term
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Definition
| consumers willingness to buy a product |
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Term
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Definition
| wants to make money from business |
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Term
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Definition
| uses profits to fund themselves |
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Term
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Definition
| government, armed forces, afencies like food and drug admin. |
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Term
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Definition
| selling to other businesses |
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Term
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Definition
| sells goods to the public |
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Term
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Definition
| focus on price for customers |
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Term
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Definition
| the struggle for customers |
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Term
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Definition
| business producing same goods and services |
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Term
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Definition
| freedom to own property , business, and ability to take risks for a profile |
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