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Definition
| something like air, or food that you need to survive |
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| an item we desire but is not needed for survival |
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| the study of how people seek to satisfy needs & wants by making choices |
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| physical objects (clothes, shoes) |
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| actions a person performs for another |
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| limited quantities of resources to meet unlimited wants |
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| a situation in which a good or service is unavailable |
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Definition
| natural resources used for goods and services |
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| a situation in which a good or sevice is unavaiable |
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Definition
| natural resources that are used to make goods and services |
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Definition
| the effort that people devote to a task for which they are paid |
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Definition
| any human made resource that is used to create other goods and services |
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Definition
| all human - made goods that are used to produce other goods and services; tools |
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| the skills and knowledge gained by a worker through education and experience |
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Term
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Definition
| an alternative that we sacrifice when we make a decision |
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Term
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Definition
| the most desirable alternative given up as the result of a decision |
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Term
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Definition
| decidin whether to or to use one additional unit of some resource |
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Definition
| using resources in such a way as to maximize the production of goods and services |
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Definition
| the method used by society to produce and distribute goods and services |
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Term
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Definition
| government programs that protect people experienceing unfavorable economic conditions |
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Term
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Definition
| economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets |
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Definition
| market in which firms purchase the factors of production from households |
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Definition
| an expectation that encourages people to behave in a certain way |
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| describing the self regulating nature of the market place |
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Definition
| large farm leased from the state to groups of peasant farmers |
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| the document that states that government generally should not intervene in the marketplace |
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Definition
| laws requiring companies to provide full info. about their products |
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Definition
| the study of the behavior and decision making of entire economics |
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Term
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Definition
the study of the economic behavior and decision making of small units, such as individuals, families, and buisnesses |
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Term
Gross Domestic Product
(GDP) |
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Definition
| the total value of all final goods and services produced in a particular economy |
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Definition
| a period of macroeconomic expansion followed by a period of contraction |
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Definition
| the process used to produce a good or service |
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Definition
| shared good or service to make consumers pay as individuals and to exclude nonpayers |
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| the part of the economy that involves the transactions of the government |
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Definition
| part of the economy that involves the transactions of individuals and buisnesses |
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| an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume |
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Definition
| government aid to the poor |
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Term
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Definition
| goods and services provided for free or at greatly reduced prices |
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Term
| problems w/ central planned economy |
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Definition
- no competition
- in incetive to improve
- constant shortages
- connot meet consumer's needs and wants
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