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15 Cards in this Set
- Front
- Back
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any good that is owned by an individual or a business
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private property
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any good that is owned by the government
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public property
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an economic unit of one person or more that sells resources and buys goods and services
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household
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the economic relationships that exist between different economic groups in an economy
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circular flow of economic activity
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the amount of money left over after all the costs of production have been paid. profit exists whenever total revenue is greater than total cost
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profit
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the amount of money by which total cost exceeds total revenue
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loss
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the principles of conduct, such as right and wrong, morality and immorality, good and bad
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ethics
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an agreement between two or more people to do something
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contract
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a good of which one person's consumption takes away from another person's consumption
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private good
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a good of which one person's consumption does not take away form another person's consumption
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public good
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a public good that individuals can be excluded (physically prohibited) from consuming
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excludable public good
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a public good that individuals cannot be excluded (physically prohibited) from consuming
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nonexcludable public good
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a person who receives the benefits of a good without paying for it
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free rider
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an adverse side effect of an act that is felt by others
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negative externality
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a beneficial side effect of an action that is felt by others
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positive externality
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