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| the condition that results from society not having enough resources to produce all the things people would like to have |
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| the study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources |
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| a basic requirement for survival and includes food, clothing, and shelter |
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| a way of expressing a need |
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| resources required to produce the things we would like to have, are land, capital, labor, and entrepreneurs |
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| refers to the "gifts of nature," or atural resources not created by humans |
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| the tools, equipment, machinery, and factories used in the production of goods and services |
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| peopole with all their efforts, abilities, and skills |
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| a risk-taker in search of profits who does something new with existing resources |
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| the process of creating goods and services, can take place |
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| Gross Domestc Product (GDP) |
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| the dollar value of all final goods and services, and structures produced within a country's borders in a 12-month period |
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| goods and services that are useful, relatively scarce, and transferable to others |
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| an item that is economically useful or satisfies an economic want, such as a book, car, or compact disc player |
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| good intended for final use for consumers rather than business |
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| when manufactered goods are used to produce other goods and services |
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| work that is performed for someone |
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| refers to a worth that can be expressed in dollars and cents |
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| the situation where some necessities, such as water, have little monetary value, whereas some nonpnecssities, such as diamonds, have a much higher value |
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| the capacity to be useful and provide satisfaction |
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