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| Not enough of a certain resource to satisfy people's needs and wants. |
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| The study of how people, businesses, and countries make choices and use their resources |
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| things that can be seen, touched, bought or sold |
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| Something performed for other for money |
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| Four things needed to produce good and services. Natural resources, labor, capital and entrepreneurs. |
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| Something provided by nature, such as wood, oil, and coal that can be used to produce goods. |
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| Human-made items, such as machines and tools that are used to produce good and services |
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| A person who comes up with the ideas for producing goods and services |
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| Whatever is given up when a choice has to be made; a trade off |
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| The use of resources to produce only a single good or few kinds of good and services |
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| The amount of good and services provided by a worker or business in a given time period |
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| The use of science to create new or better goods and services or more efficient methods of production |
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