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What are the resources used to make goods and services called? |
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| The study of how people seek to satisfy their needs and wants by making choices. |
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| People who take risks to combine the factors of production to create a business. |
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| Giving up one alternative for another is called a what? |
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| Thinking at the margin means deciding about what? |
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Definition
Using one more unit of resource. |
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| Using resources in such a way as to maximize the production of goods and services. |
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| A country's production possibilities with grow if it does what? |
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Increases in resources and technology. |
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| What are the three questions that an economy answers? |
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Definition
1. What goods and services should be produced?
2. How should these goods be produced?
3. Who consumes the goods and services? |
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Term
In traditional economy, economic questions are answered largely based on what? |
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| Competition and self-interest are two important factors in what? |
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The former Soviet Union is an example of a communist country where the government does what? |
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Which countries have the most extreme example of a centrally planned economy? |
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| According to the law of supply what happens? |
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| Offers more of a good at a higher price |
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| The change in output from adding one more worker. |
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| cost of producing one more unit of good |
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| If sellers expect the prove of a good to ride in the future, they will do what? |
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| The most common form of business organization is the what? |
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One way a corporation can raise money is by what? |
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