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20 Cards in this Set
- Front
- Back
a situation that exists when there are not enough resources to meet human wants
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scarcity
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desires that can be satisfied by consuming a good or service
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wants
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things such as food, clothing, and shelter that are necessary for survival
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needs
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a source of supply that can be readily drawn upon when needed
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resources
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all the natural resources on or under the ground that are used to produce goods and services
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land / natural resources
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all the human time, effort, and talent used to produce goods and services
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labor / human resources
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all the resources people make and use to produce and distribute goods and services
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capital / financial capital
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the combination of vision, skill, ingenuity, and willingness to take risks that is needed to create and run new businesses
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entrepreneurship
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the benefit or satisfaction gained from using a good or service
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utility
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for any good or service, the value of that good or service decreases as the quantity of the good increases
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diminishing marginal utility
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the value of something that is given up by choosing one alternative over another
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opportunity cost
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the alternative someone gives up when making an economic choice
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trade-off
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a graph used to illustrate the impact of scarcity on an economy
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production possibilities curve (PPC)
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physical objects, such as food, clothing, and furniture, that can be purchased
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goods
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the work that one person does fro another for payment
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service
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the study of behavior of individual players - such as individuals, families, and businesses - in an economy
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microeconomics
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the study of behavior of the economy as a whole; concerned with large-scale economic activity
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macroeconomics
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What will be produced?
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basic economic question
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How will it be produced?
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basic economic question
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For whom will it be produced?
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basic economic question
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