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15 Cards in this Set
- Front
- Back
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Allocate
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a fair return or equivalent in goods, services, or money for something exchanged
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Utility
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The quality or condition of being useful; usefulness:
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Trade Off
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An exchange of one thing in return for another, especially relinquishment of one benefit or advantage for another regarded as more desirable
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technology
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the branch of knowledge that deals with the creation and use of technical means
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Specialization
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the act of specializing; making something suitable for a special purpose
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service
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work done by one person or group that benefits another; "budget separately for goods and services"
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self sufficency
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Self-sufficiency refers to the state of not requiring any outside aid, support, or interaction, for survival; it is therefore a type of personal or collective
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scarcity
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a small and inadequate amount
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resource
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available source of wealth; a new or reserve supply that can be drawn upon when needed
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productivity
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the ratio of the quantity and quality of units produced to the labor per unit of time
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producer
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manufacturer: someone who manufactures something
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opportunity costs
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Opportunity cost is the value of the next-best choice available to someone who has picked between several mutually exclusive choices. ...
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natural resourses
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resources (actual and potential) supplied by nature
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money
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the most common medium of exchange; functions as legal tender; "we tried to collect the money he owed us
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microeconomics
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the branch of economics that studies the overall working of a national economy
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