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15 Cards in this Set
- Front
- Back
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nonrenewable resources
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resources that cannot be replenished once they are used
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porductivity
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a calculation of output per unit
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public goods
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good provided by govt and typically paid for by tax dollars
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services producing sector
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sector of economy that involves productive actions that satisfy others wants or needs
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social capital
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capital goods that are made avaliable to society by govt
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tariff
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a type of trade barrier that places a fed tax on imported goods
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trade-deficit
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occurs when the value of a countrys imports is greater than value of its exports
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trade surplus
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occurs when a countrys exports is greater than the value of imports
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underemployment
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workers who are obliged to work at jobs beaneath their skill level
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quaility of life
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refers to the overall economic, social, political, and cultural conditions under which people live in
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oppurtunity cost*
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the second best use of resources by a ind, country, firm
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scarcity*
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basic economic problem that arises because people have unlimited wants but limited resources
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individualism*
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emphasis of the individual and his decisions concerning allocation of individual resources
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rational behavior*
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assumption that ind will act according to their personalities
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marginal analysis
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ind make choices by weighing the costs and benefits of a particular action
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