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| decision made or course of action taken when faced with a set of alternatives |
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| reaching a conclusion after considering alternatives and their results |
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| an increase in real output as measured by the real GDP or per capita GDP |
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| one whodraws upon his or her skills and initiative to launch a new business venture with the aim of making a profit. Often a risk-taker, inlcined to see opportunity when others do not |
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| productive resources: what is required to produce the godds and seveices that people want; natural resources, human resources, capital goods and entregreneurship. |
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| a tax paid by individuals and businesses to the federal government to fund such services as national defense, human services, and the monitoring and regulation of trade. |
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| a point on the earth's surface expressed by a coordinate system such as latitude and longitude |
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| The world's largest land masses. They are: Africa, North America, South America, Antarctica, Asia, Australia, Europe |
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| lines of latitude and longitude that divide the earth into halves |
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| a location of a place in relation to another place (i.e. south or downhill) |
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