Econ words
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| Need | requirements for survival, such as food, clothing, and shelter
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| Want | a thing we would like to have, such as entertainment, vacations, or an item that makes life comfortable and enjoyable
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| Scarcity | not having enough resources to produce all of the things we would like to have
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| Trade-off | the alternative you face if you decide to do one thing rather than another
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| Opportunity cost | the cost of the next best alternative use of time and money when choosing to do one thing rather than another
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| Marginal cost | the additional or extra opportunity cost associated with an action
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| Marginal benefit | the additional or extra benefit associated with an action
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| Cost-benefit analysis | economic model that compares the marginal costs and marginal benefits of a decision
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| Gross Domestic Product (GDP) | total dollar value of all final goods and services produced in a country during a single year
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| Standard of living | the material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied
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| Market | free and willing exchange of goods and services between buyers and sellers
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| Factor markets | a market where productive resources are bought and sold
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| Product markets | a market where producers offer goods and services for sale
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| Profit Motive | the driving force that encourages individuals and organizations to improve their material well-being
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| Competition | the struggle that goes on between buyers and sellers to get the best products at the lowest prices
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