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| the study of how individuals and nations make choicesabout ways to use scarce resources to fulfill their needs and wants |
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| things we would like to have |
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| not having enough resources to prodce all of the things we would like to have |
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| simplified representations of the real world that are used to explain how the economy works |
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| the alternative you face if you decide to do one thing rather than another |
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| the cost of the next best use of your tie or money when you choose to do one thing rather than another |
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| extra cost of producing one additional unit of out put |
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| the extra benefit associated with an action |
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| economic system in which supply, demand, and pprices help people make decisions and allocate resources |
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| system in which private citizens own most, if not all, of the means of production |
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| buisnesses are allowd to compete for profit with a minimum of government interference |
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| rewards that are offered to try to persuade people to take ceratin economic actions |
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| choosing the alternative that has the greates value from among comparable qualatiy products |
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