econ
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| supply | show 🗑
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| show | quantity of consumers who are willing and able to buy products at various prices during a given period of time
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| show | Create, or produce, goods and provide services
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| quantity supplied | show 🗑
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| quantity demanded | show 🗑
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| show | condition or state in which economic forces are balanced
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| shortage | show 🗑
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| show | the amount of an asset or resource that exceeds the portion that is utilized.
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| show | when the demand for a resource is greater than the supply of that resource, as resources are limited. Limited goods, unlimited demand
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| show | the value of the next-best alternative when a decision is made
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| trade-off | show 🗑
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| show | process used to measure the benefits of a decision or taking action minus the costs associated with taking that action.
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| 4 types of opportunity costs | show 🗑
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| show | societies or governments organize and distribute available resources, services, and goods across a geographic region or country
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| socialism | show 🗑
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| laissez faire | show 🗑
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| show | metaphor for the unseen forces that move the free market economy
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