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21 Cards in this Set
- Front
- Back
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basic needs |
man's needs required for his survival |
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capital |
materials used in the production of goods and services including money |
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economic resources |
inputs used in the production of goods and services |
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economic system |
the framework in which society decides on its economic problems |
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economics |
social science concerned with man's problem of issuing scarce resources to satisfy unlimited wants |
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empirical validation |
use of statistical evidence to prove the validity of a hypothesis |
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entrepreneur |
organizes all other factors of production to be used in the creation of goods and services |
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free enterprise system |
system in which all economic resources are privately owned |
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function |
depicts the relationship between two or more variables |
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labor |
human effort expended in production regarding basic economic problems |
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land |
natural resource, not man-made covering anything found on or under and, water, forest, minerals, and animals |
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luxury goods |
goods that man can do without |
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macroeconomics |
branch of economics that studies the economy as a whole; also known as NATIONAL ECONOMIC ANALYSIS |
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market |
context in which buyers and sellers buy and sell goods, services, and resources |
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microeconomics |
branch of economics that deals with parts of the economy such as the household and the business firm; also known as PRICE THEORY |
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normative economics |
analysis of economics which deals with what should be |
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positive economics |
analysis of economics which deals with what actually is |
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right to private property |
right of private individuals and enterprises to own things of value |
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theory/hypothesis |
an unproven proposition tentatively accepted to explain certain facts or to provide a basis for further investigation |
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variable |
factor that is subject to change or variation |
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wants |
various desires and needs of consumers that have to be satisfied through the use of goods and services |
