Term
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Definition
| The result of a decision. |
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Term
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Definition
| Alternative given up as a result of a decision. |
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Term
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Definition
| Study of how people choose to satisfy unlimited wants with limited resources. |
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Definition
| Using resources to maximize production. |
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Term
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Definition
| Claim of ownership in a corporation. |
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Term
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Definition
| Land, labor, and capital.(resources used to make goods) |
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Definition
| Refers to trade off when deciding whether to produce more/less military goods vs. more/less consumer goods. |
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Term
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Definition
| Skills and knowledge gained by a worker with education and experience. |
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Term
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Definition
| Expectation that encourages people to behave a certain way. |
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Term
| Law of Increasing Opportunity Cost |
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Definition
| Resources best suited for production are used first. As production expands, cost expands. |
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Term
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Definition
| Easier access resources are used first. |
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Term
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Definition
| Economic system in which decisions are based on voluntary exchange in markets. |
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Term
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Definition
| The cost of the next best alternative. |
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Term
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Definition
| Human made goods used to produce other goods. |
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Term
| Production Possibilities Frontier |
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Definition
| Trade offs a country faces for use of it resources. |
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Term
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Definition
| People that think through decisions to make a choice. |
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Term
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Definition
| Limited resources and unlimited wants. |
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Term
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Definition
| Goods you can touch, take home, consume, etc. |
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Term
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Definition
| Services that cannot be touched, taken home, consumed, etc. |
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Term
| No Such Thing As A Free Lunch |
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Definition
| There is always hidden costs. (That Caribou drink costs so much because you are provided a cup, napkins, lighting, music, etc.) |
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Term
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Definition
| Alternative Sacrificed when we make a decision. |
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