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Economics Study Guide

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Term
Definition
good   show
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service   show
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need   show
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show things you would like to have  
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economy   show
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show someone who requires goods and services for his or her own personal review  
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producer   show
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market economy   show
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show the financial gain received by selling something for more than it cost to make it  
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show a thing that motivates them; the idea that consumers need what they are offering  
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competition   show
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show process of developing newer, better things constantly  
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show the amount of something that is available  
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show the number of consumers who want it  
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opportunity cost   show
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show limited amount of resource available  
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show scarcity  
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show 1. People own the private property. 2. Open market where supply and demand determine prices. 3. Freedom of choices. 4. Self-interest motivates people. 5. Competition for profit. 6. Limited government role.  
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The Law of Demand:   show
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The Law of Supply:   show
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