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| the study of choices people make to satisfy their needs and wants |
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| someone who studies these economic choices |
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| (small/one) the study of choices made by households, companies and individual markets |
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| (large/many) looks at the behavior of entire economies |
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| people who buy things (choose what to buy) |
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| people who make the things to satisfy the consumers needs and wants (choose what and how to make and provide it) |
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| physical objects that can be purchased |
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| actions or activities that are preformed for free |
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| Anything is used to make or obtain what they need or want. |
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| a collection of various resources which contribute to producing goods or services |
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| the natural wealth of a country, |
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| the workforce of an organization of employees |
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| Tools, machines, and factories used to produce goods. |
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| The total of all the money coming into a country from abroad less all of the money going out of the country during the same period. |
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| goods that are ready for consumption in satisfaction of human wants |
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| the branch of knowledge that deals with the creation and use of technical means and their interrelation with life, society, and the environment |
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| distribute / to set apart for a particular purpose |
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| the level of output that results from a given level of input |
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| accomplishment of or ability to accomplish a job with a minimum expenditure of time and effort: The assembly line increased industry's efficiency. |
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| a production process in which a worker or group of workers is assigned a specialized task in order to increase efficiency. |
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| to pursue some special line of study, work, etc |
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| if a resource is used to produce or consume one good, that same resource cannot be used tor produce or consume something else (one is sacrificed for another) |
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| the cost of the trade-off or the next best alternative is given up to obtain the preferred item |
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| production possibilities curve |
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| shows all of the possible combination of twp goods or services that can be produced within a stated time period |
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| to give up (something) for something else; part with for some equivalent; change for another. |
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| requires those whom you wish to trade with must have something YOU want, and that you in turn have something THEY want. |
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| as a medium of exchange, buyers can give it to sellers to pay for goods and services; |
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| A loan extended or (sometimes) taken by, for example, delayed payment of an invoice. /any deposit or sum of money against which a person may draw. |
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| This usually refers to FIRMS, where it is defined as the value of the firm’s OUTPUT minus the value of all its inputs purchased from other firms. It is therefore a measure of the PROFIT earned by a particular firm plus the wages it has paid. |
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| being useful/Underlying most economic theory is the assumption that people do things because doing so gives them utility. People want as much utility as they can get. |
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| able to supply one's own or its own needs without external assistance |
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| undeveloped countries/ customs govern economic decisions/ tech. not used/ farming, hunting and gathering are done/ economic activities usually centered toward family or ethnic unit/ men and women given different economic roles and tasks |
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| govt. makes decisions and determines how resources will be used/ change and occur easily/ little individual freedom/ no competition/ businesses are not run to create a profit/ consumers have few choices in market place/ shortages are common because of poorly run factories and farms/ govt. decides your job/ govt. sets prices of goods and services ex: Cuba, north Korea |
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| resources are owned and controlled by individuals/ economic decisions are made by indiv. competing to earn profits/ indiv. freedom is considered very important/ economic decisions are made/ also called capitalist economies/ there are many economic freedoms/ there is competition among businesses |
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| a body of existing or potential buyers for specific goods or services: |
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| regard for one's own interest or advantage, esp. with disregard for others. |
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| something that incites or tends to incite to action or greater effort, as a reward offered for increased productivity. |
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| A market economy in which both private-sector FIRMS and firms owned by GOVERNMENT take part in economic activity. |
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| It is opposed to individualism and democracy. In politics, an authoritarian government is one in which political power is concentrated in a leader or leaders, typically unelected by the people, who possess exclusive, unaccountable, and arbitrary power.[1][2] |
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| system of social organization in which all economic and social activity is controlled by a totalitarian state dominated by a single and self-perpetuating political party. |
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| Capitalism is a free-market system built on private ownership, in particular, the idea that owners of CAPITAL have PROPERTY RIGHTS that entitle them to earn a PROFIT as a reward for putting their capital at RISK in some form of economic activity. |
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| (everyone is equal) form of socialism with a democratic government; the ownership and control of the means of production, capital, land, property, etc., by the community as a whole |
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