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7 Cards in this Set
- Front
- Back
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Resource
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anything that can be used to produce something else
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Opportunity Cost
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what you must give up in order to get it
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Marginal Decisions
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whether to do a bit more or a bit less of an activity
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Interaction
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A feature of most economic situations. The results of this interaction are often quite different from what individuals intend
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Trade
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provide goods and services to others and receive goods and services in return
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Efficient
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takes all opportunities to make some people better off without making other people worse off
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Equity
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everyone gets his or her fair share
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