Term
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Definition
| a course of action that will at least partially fulfill one's goals |
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Term
| production possibilities curve |
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Definition
| a graph that shows alternative ways to use an economy's resources |
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Term
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Definition
| a phrase that refers to the trade-offs that nations face when choosing whether to produce more or less military or consumer goods |
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Term
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Definition
| a situation where a good or service is unavailable |
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Term
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Definition
| actions or activities that one person performs for antoher |
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Term
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Definition
| affection & love; prestige & recognition |
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Term
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Definition
| all human-made goods that are used to produce other goods and services; tools and buildings |
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Term
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Definition
| ambitious leader who combines factors of production to create and market new goods and services. |
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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
| an item that we desire but is not essential to survival |
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Term
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Definition
| any human-made resource that is used to create other goods and services |
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Term
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Definition
| choosing an alternative that offers the most benefits for the least costs |
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Term
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Definition
| deciding whether to do or use one additional unit of some resource |
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Term
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Definition
| goals that are met by an alternative |
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Term
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Definition
| hunger, thirst, shelter; health; safety & protection; comfort & convenience; entertainment & recreation |
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Term
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Definition
| land, labor and capital; the three groups of resources that are used to make all good and services |
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Term
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Definition
| law that states that as we shift factors of |
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Term
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Definition
| limited quantities of resources to meet unlimited wants |
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Term
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Definition
| logical reason for purchasing |
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Term
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Definition
| natural resources that are used to make goods and services |
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Term
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Definition
| people decide how to contribute to and use public resources |
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Term
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Definition
| people decide how to use their money, time, energy and skills to get what they want |
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Term
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Definition
| people decide to use their time, skills & energy to earn money |
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Term
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Definition
| physical objects such as clothes or shoes |
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Term
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Definition
| services government provides with taxes people pay |
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Term
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Definition
| something like air, food or shelter that is necessary for survival |
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Term
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Definition
| the effort that people devote to a task for which they are paid |
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Term
| production possibilities frontier |
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Definition
| the line on a production possibilities graph that shows the maximum possible output |
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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
| the skills and knowledge gained by a worker through education and experience |
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Term
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Definition
| the study of how people seek to satisfy their needs and wants by making choices |
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Term
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Definition
| to an economist, the alternative that is given up because of a decision |
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Term
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Definition
| using fewer resources than an economy is capable of using |
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Term
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Definition
| using resources in such a way as to to maximize the production of goods and services |
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