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| skills(mental and physical) talents usable in production of goods and services. |
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| the most desired goods or services that are forgone in order to obtain something else |
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| is an increase in activity in an economy. It is often measured as the rate of change of gross domestic product (GDP). Economic growth refers only to the quantity of goods and services produced |
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| an economy that uses both market signals and gov directives to allocate goods and resources |
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| the study of individual behavoir in the economy of the components of the larger economy |
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| The study of economics based on objective analysis. Most economists today focus on positive economic analysis, |
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| A relationship between two numbers or other variables where an increase or decrease in one variable causes the same change to occur in the second variable. |
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| the use of market prices and sales to signal desired outputs |
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| GDP(gross domestic product) |
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| the total market value of all final goods and serives produced within a nations boarder |
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| the dollar value of GDP divided by total population; avg GDP |
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| payments to individuals for which no current goods or servieces |
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| production proccesses that use a high ration of capital to labor inputs |
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