Term
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Definition
| the limited nature of society's resources |
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Term
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Definition
| the property of society getting the most it can from its SCARCE RESOURCES |
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Term
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Definition
| the property of distributing prosperity UNIFORMLY among people |
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Term
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Definition
| QUANTITY of goods & services produced from EACH UNIT of LABOR |
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Term
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Definition
| whatever must be given up to get sth |
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Term
| Who are the decision makers? |
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Definition
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Term
| the factors of production are best defined as the (inputs outputs produce what?) |
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Definition
| INPUTS used to produce goods/services (Land, Labor, Capital) |
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Term
| Changes in wage does NOT cause the demand curve to shift. What causes the labor demand curve to shift? |
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Definition
- changes in productivity
- changes in output prices |
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Term
| What does Absolute Advantage compare? |
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Definition
| the PRODUCTIVITY OF ONE GOOD between TWO PRODUCERS |
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Term
| What does it mean to have Absolute Advantage? |
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Definition
| The ability of producing a good using FEWER INPUTS than another producer OR ability to produce MORE products given the same amount of inputs as other producer |
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Term
| What causes a decrease in demand? |
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Definition
| The price of the good falls |
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Term
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Definition
| sum of all individual demands for that good |
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