Term
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Definition
| the study of the behavior of the economy as a whole and how major economic sectors interact (government, household, and business sectors) includes GDP, inflation, unemployment, balance of trade |
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Term
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Definition
| a marketing situation in which a few large companies exert control market because it is the only one to provide that service or produce |
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Term
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Definition
| a marketing situation in which large company controls a certain market because it is the only one to provide that service or product |
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Term
| GNP--Gross National Product |
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Definition
| or total value of all goods and services purchased by the final customers of those products |
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Term
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Definition
| the way in which a scocity makes decisions using its limited resources with there unlimited wants/needs |
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Term
| production possibilities frontier |
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Definition
| theoretical model used to show the impact of scarcity on an economy |
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Term
| production possibilities curve |
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Definition
| a grph used to illustrate the impact of scarcity on an economy |
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Term
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Definition
| a result of economic growth or change in technology, or change in number of resources |
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Term
| PPC POINTS (inside, on, outside) |
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Definition
| inside= "inefficient" (unemployment)/ outside= "unattainable" (more employment than available)/ on-"efficient" (total employment) |
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Term
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Definition
| economic growth, change in numbers of resources |
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