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79 Cards in this Set
- Front
- Back
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wants
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that you do not have to have to survive, but would like to have
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needs
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things you must have in order to survive
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private wants
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individual wants
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public wants
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widely shared wants
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goods
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physical products
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services
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tasks that businesses
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resources
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iterms people can use to make or obtain what they need or want
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business
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any commercial activity that seeks profit by providing goods and services to others
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profit
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the money left over after a business has paid the cost of providing goods and services
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competition
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the contest between businesses to win consumers
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market research
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the act of gathering and analyzing information about the wants, needs, and preferences of consumers
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consumer
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a person who uses goods or services
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determine
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to figure out
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identify
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to recognize
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consider
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to think about the possible options
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evaluate
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to judge the value or condition of
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analyze
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to look over data
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respond
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to answer back to
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affect
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the result of an event or action
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modify
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to change or adjust
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Scarcity
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the lack of resources
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Factors of production
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all the economic resources necessary to produce a society's goods and services
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Natural recources
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raw materials from nature that are used to produce
goods |
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Labor recources
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people who make the goods and services
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Capital recources
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the things used to produce goods and services
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Entrepreneurial recources
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used by the people who recognize oppertunities and start businesses
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Entrepreneurship
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the process of recognizing a business oppertunity
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Entrepreneur
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an individual who undertakes the creation, organization, and ownership of a business
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economics
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the study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices
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economic systems
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the methods societies use to distribute resources
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market economy
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an economic system in which economic decisions are made in the marketplace, where buyers and sellers meet to exchange goods and services, usually for money
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price
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the amount of money given or asked for when goods and services are bought and sold
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supply
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amount of goods and services that producers will provide at various prices
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demand
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the amount or quantity of goods and services that consumers are willing to buy at various prices
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equilibrium price
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point at which the quality demanded and the quantity supplied meet
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command economy
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an economic system in which a central authority makes the key economic decisions
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mixed economy
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a combination of a market economy and a command economy
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factors
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things that can affect someone or something
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processed
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went through a series of actions
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labor
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people making goods and services
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individuals
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single people
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ralationship
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the connection between multiple people or things
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interact
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to talk or do things with other people
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observed
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watched and usually recorded
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control
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to have power over
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GDP
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the total value of the goods and services produced in a country in a given year
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Standard of living
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the level of material comfort as measured by the goods and services that are available
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inflation
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a general increase in the cost of goods and services
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deflation
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a general decrease in the cost of goods and services
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budget deficit
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the government spends more on programs than it collects in taxes
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national debt
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the total amount of money a government owes
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budget surplus
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a situation in which a government’s revenue exceeds its espenditures during a one-year period
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business cycle
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the rise and fall of economic activity over time
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prosperity
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a peak of economic activity
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recession
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a slowdown of economic activtiy
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depression
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a deep recession that affects the entire economy and lasts for several years
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recovery
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a rise in a business activity after a recession or depression
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shifts
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changes
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emphasis
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extra strength
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sum
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what is produced after multiple things are added together
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period
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a section of time
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enourmous
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very large
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policy
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a procedure
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purchase
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to buy
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decline
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to go down
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ethics
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moral principles
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business ethics
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rules based on moral principles about how businesses and employees ought to conduct themselves
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sweatshop
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a shop or factory in which workers are employed for long hours at low wages and under unhealthy conditions
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code of ethics
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a set of guidlines for maintaining ethics
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conflict of interest
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a conflict between self-interest and professional obligation
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social responsibility
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the duty to do what is best for the good of society
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principles
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a moral rule or belief
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conduct
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the way someone acts
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encounter
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to come across
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alternative
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other option
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integrity
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the quality of being honest and fair
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integral
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very important and necessary
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benefit
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b
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sufficient
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b
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