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| Social Science dealing with study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resource |
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| Fundamental Economic Problem facing all socities that results from a combination of scarce resources and people's virtually unlimited wants |
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| basic requirement for survival; includes food; clothing; and/orshelter |
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| way of expressing or communicating a need; a broader classification than needs |
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| productive resources that make up the four categories of land, capital, labor, and entrepeneurship |
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| Natural resources or "gifts of nature" not created by human effort; one of four factors of production |
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| Tool, equipment, and factories used in the production of goods and services; one of four factors of production |
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| Money used to buy the tools equipment used in production |
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| People with all their abilities and efforts; one of four factors of production, doesn't include entrepeneur |
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| risk-taking individual in search of profits; one of four factors of production |
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| process of creating goods and services with combined used of land, capital, labor, and entrepeneurship |
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| Gross Domestic Product (GDP) |
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| dollar value of all final goods, services, and structures produced within a country's national borders during a one-year period. |
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| good or service that is useful,relatively scarce, and transferable to others |
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| Tangible economic product that is useful, relatively scarce, transferable to others, used to satisfy need and wants |
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| good intended for final use by consumers rather than business. |
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| tool, equipment, or other manufactured good used to produce other good and services; a factor of production |
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| work or labor performed for someone; economic product that includes haircuts, home repair, etc. |
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| worth of a good or service as determined by market |
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| apparent contradiction between the high value of nonessentials and low value of essentials |
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| ability or capacity of a good or service to be useful and give satisfaction to a person |
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| sum of intangible economic goods that are scarce, useful, and transferable from one person to another; excludes service. |
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| market where productive resources are bought and sold |
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| Market where good and service offered for sale |
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| sustained period during which a nation's total output of good and service increases |
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| degree to which productive resources are used efficiently; normally refers to labor, but can apply to all factors of production |
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| division of work into a number of seperate tasks to be performed by different workers; same as specialization |
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| assignment of tasks so that each worker performs fewer functions more frequently; same as division of labor |
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| Sum of people's skills, abilities, health, and motivation |
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| economic activities in one part of the country or world affect what happens elsewhere |
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| alternatives that must be given up when one is chosen rather than another |
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| cost of the next alternative use of money, time, or resources when one choice is made rather than another |
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| Production Possibilities Frontier |
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| diagram respresenting maximum combinations of goods and/or services an economy can produce when all productive resources are fully employed |
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| way of thinking that compares the cost of an action to its benefits |
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| market economy in which privately owned bussinesses have the freedom to operate for a profit with limited government intervention; same as private enterprise economy |
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| organizeed way a society provides for the wants and needs of its people |
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| Economic system in which the allocation of scarce resources and other economic activity is the result of ritual, habit, or custom |
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| economic system characterized by a central authority that makes most of the major economic decisions |
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| economic system in which supply, demand, and the price system help people make decisions and allocate resources; same as free enterprise economy |
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| act of buyers and sellers freely and willingly engaging in market transactions; characterstic of capitalism and free entreprise |
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| extent to which persons or organizations are better off at the end of ap eriod than they were at the beginning; usually measured in dollars |
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| Driving force that encourages people and organizations to improve their material well-being; characteristic of capitalism and free enterprise |
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| the struggle among sellers to attract consumers while lowering costs |
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| role of consumer as ruler of the market when determining the types of goods and services produced. |
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| people carry on their economic affairs freely, but are subject to some government intervention and regulation |
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| Economic system in which private citizens own and use the factors of production in order to generate profits |
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| economic system in which government owns some factors of production and has a role in determining what and how goods are produced |
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| economic and political system in which factors of production are collectively owned and directed by the state; theoretically classless society in which everyone works for the common good |
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| production method requiring relatively large amounts of capital relative to labor |
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| independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition |
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| the highways, mass transit, communications, power, rate, sewerage, and other public goods needed to support a population |
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