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9 Cards in this Set
- Front
- Back
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signs that are used by consumers and producers to determine how much of a good to buy or sell at a given price and time
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market signals
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goods that have a life expectancy of less then three years
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nondurable goods
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are expected to last three years
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durable goods
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that part of an economy that is controlled by private individuals
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private sector
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which is controlled by national, state, and local governments
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public sector
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urge to work bettering one’s economic situation
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profit motive
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the diminishing of the value of goods that is caused by wear and time
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depreciation
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the excess of the total revenue paid by the buyers for goods over the seller’s total expense of producing those goods
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profit
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which os the value of the best alternative that is foregone when a different alternative is taken
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opportunity cost
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