Term
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Definition
| Study of scarcity and choice |
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Term
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Definition
| Decision by individuals about what and what not to do |
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Term
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Definition
| Coordinates choices about production with choices about consumption, and distribute goods and services to people who need them |
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Term
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Definition
| Industry is publicly owned and central authority makes decisions about production and consumption |
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Term
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Definition
| Production and consumption are based on individual |
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Term
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Definition
| Motivations that are either rewarding or punishable. |
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Term
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Definition
| Establish ownership and grant individuals right to trade goods and services with each other |
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Term
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Definition
| Looking at the benefits and costs of the next thing. |
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Term
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Definition
| Anything used to produce something else |
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Term
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Definition
| Land, labor, capital, and entrepreneurship |
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Term
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Definition
| Not enough of a resource available to satisfy public's needs |
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Term
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Definition
| What you must give up with a choice |
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Term
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Definition
| Choices made by the smaller parts of the economy, such as individuals and companies. |
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Term
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Definition
| Overall ups and downs of economy. |
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Term
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Definition
| Economics measures such as unemployment and inflation rate, or gross domestic product. |
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Term
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Definition
| Economic Analysis with definite right and wrong answers |
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Term
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Definition
| How the world should work |
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