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6 Cards in this Set
- Front
- Back
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Scarcity |
The condition that results from society not having enough resources to produce all the things people would like to have. |
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Economics |
The study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources. |
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Land |
"Gifts of Nature", Natural resources not man made. |
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Factor Markets |
The markets where productive resources are bought and sold. |
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Product Markets |
Markets where producers sell their goods and services to consumers. |
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Opportunity Cost |
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another. |
