Chaper 1-3 vocab
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| show | something essential for survival
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| Want | show 🗑
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| Goods | show 🗑
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| show | the actions or activities that one person performs for another
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| Scarcity | show 🗑
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| show | the study of how people seek to satisfy their needs and wants by making choices
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| show | a situation in which consumers want more of a good or service than producers are willing to make available at a particular price
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| Entrepreneur | show 🗑
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| show | the resources that are used to make goods and services
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| show | all natural resources used to produce goods and services
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| Labor | show 🗑
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| Capital | show 🗑
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| Physical capital | show 🗑
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| Human capital | show 🗑
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| Trade-off | show 🗑
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| show | a phrase expressing the idea that a country that describes to produce more military goods ("guns") has fewer resources to produce consumer goods ("butter") and vice versa
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| show | the most desirable alternative given up as the result of a decision
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| show | the process of deciding whether to do or use one additional unit of some resource
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| show | a decision-making process in which you compare what you will sacrifice and gain by a specific action
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| Marginal cost | show 🗑
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| show | the extra benefit of adding one unit
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| show | a graph that shows alternative ways to use an economy's productive resources
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| show | a line on a production possibilities curve that shows the maximum possible output an economy can produce
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| Efficiency | show 🗑
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| show | the use of fewer resources than the economy is capable of using
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| show | an economic principle states that as production shifts from making one item to another, more and more resources are needed to increase production of the second item
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| show | the structure of methods and principles that a society uses to produce and distribute goods and services
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| Factor payment | show 🗑
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| show | the amount of money a business receives in excess of the expenses
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| show | a set of government programs that protect people who face unfavorable economic conditions
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| Standard of living | show 🗑
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| show | the process of bringing new methods, products, or ideas into use
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| show | an economic system that relies on habit, custom, or ritual to decide the three key economic questions
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| show | any arrangement that allows buyers and sellers to exchange things
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| show | the concentration of the productive efforts of individuals and businesses of a limited number of activities
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| Free market economy | show 🗑
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| Household | show 🗑
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| show | an organization that uses resources to produce a product or service, which it then sells
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| Factor market | show 🗑
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| show | the arena of exchange in which households purchase goods and services from firms
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| Self-interest | show 🗑
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| show | the hope of reward or fear of penalty that encourages a person to behave in a certain way
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| Competition | show 🗑
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| show | a term coined by Adam Smith to decide the self-regulating nature of the marketplace
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| Consumer sovereignty | show 🗑
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| show | an economic system in which the government makes all decisions on the three key economic questions
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| show | another name for a centrally planned economy
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| show | a range of economic and political systems based on the belief that wealth should be evenly throughout society
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| show | a political system in which the government owns and controls all resources and means of production and makes all economic decisions
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| Authoritarian | show 🗑
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| Laissez faire | show 🗑
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| Private property | show 🗑
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| Mixed economy | show 🗑
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| Economic transition | show 🗑
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| show | the process of selling business or services operated by the government to individual investors, and then allowing them to compare in the marketplace
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| Free enterprise system | show 🗑
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| show | the incentive that drives individuals and business owners to improve their material well-being
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| show | the principle that anyone can complete in the marketplace
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| Legal equality | show 🗑
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| show | the principle that people have the right to control their possessions and use them as they wish
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| show | the principle that people may decide what agreements they want to enter into
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| show | the principle that people may decide what, when, and how they want to buy and sell
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| Interest group | show 🗑
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| show | love of one's country
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| show | a right of a government to take private property for public use
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| Public interest | show 🗑
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| Public disclosure laws | show 🗑
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| show | the study of economic behavior and decision-making in a nation's whole economy
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| show | the study of the economic behavior and decision-making in small units, such as households and firms
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| show | the total value of all final goods and services produced in a country in a given year
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| show | a period of macroeconomic expansion, or growth, followed by one of contraction, or decline
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| show | a proposed law submitted directly to the public
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| show | situation in which older products and processes become out-of-date
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| show | a government license that gives the inventor of a new product the exclusive right to produce and sell it
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| Copyright | show 🗑
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| show | a commitment to the value of work
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| Public good | show 🗑
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| Public sector | show 🗑
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| Private sector | show 🗑
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| Infrastructure | show 🗑
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| Free rider | show 🗑
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| Market failure | show 🗑
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| show | an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume
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| show | an income level below that which is needed to support families or households
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| show | government aid to the poor
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| Cash transfers | show 🗑
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| show | goods and services provided for free or at greatly reduced prices
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| show | a financial award given by a government agency to a private individual or group in order to carry out a specific task
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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