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| study of how people use scarce resources to satisfy unlimited wants |
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| study of economics in terms of individual areas of activity |
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| "Father of Modern Economics" Invisible Hand |
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| study of economy in terms of WHOLE systems |
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| Can be accepted/ rejected with facts |
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| Not enough productive resources to meet societies needs/wants |
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chosen items/activities is better value than alternative
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| Law of increasing oppertunity costs |
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| opp. cost, value of foregone? production, + as quantity of good + |
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| sorting production processes into seperate tasks by seperate workers |
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| individual workers focus on special tasks |
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| production is privately owned and opperated |
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| what you pay for something & the money you get back when you sell |
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| portion of after tax corperate profit paid to shareholders |
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| initial sale of corprate stock to public |
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| publishes worlds most trusted business part or stock market |
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| american multinational financial services corperation??? |
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| period during which at least 1 of a firms resources is fixed |
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| all resources can be varied |
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| change in total product resulting from a one-unit change in particular resources |
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| Law of diminishing returns |
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| as more of a varible resource is added to a given ammount of fixed resources marg. product declines |
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production cost independent of firms output
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| any production cost that changes as output changes |
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| # showing quantities of particular goods demanded |
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| quantity of a good demanded per period relates inversely to its price |
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| change in total utility resulting a one-unit change in consumption of a good |
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| law of diminishing marginal utility |
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| a good a person consumes per period |
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| curve or line showing the quantities of a good demanded @ various places |
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| demand of individual consumer |
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| sum of indv. demands of all consumers in a market |
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| demand increases as consumer income rises |
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| good for which demand decreases as inccome rises |
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| measures how responsive quantity demand is to a price change |
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| change in price has relativly little effect on quantity demanded |
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| columns & #'s showing quantities of particular goods |
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| quantity of a good supplied in a given |
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