Economics Terms
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| Shifters of Demand | Taste or preferences, income, price of related goods, # of consumers, future expectations
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| Shifters of Supply | Price/availability of resources, # of sellers, future expectations of profit, government action (taxes or subsidies), technology
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| Factors of production | Land, Labor, Capital (human or physical), entrepreneurship
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| Human Capital | any skill, knowledge, or experience possessed by an individual or population
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| Capital goods | Goods used to make consumer goods (factories, blenders, etc.)
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| Consumer goods | Things that are able to be consumed or used up (apple, pencil, tissue, etc.)
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| Scarcity | Unlimited wants but limited resources
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| Opportunity Cost | The most desirable alternative given up when you make a choice
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| Utility | Satisfaction
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| Marginal | Additional
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| Allocate | Distribute
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| 3 Shifters of PPC | Change in resource quantity/quality, change in technology, change in trade
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