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15 Cards in this Set
- Front
- Back
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land |
all physical elements in the wealth of a nation bestowed by nature |
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surplus |
Extent to which generation of goods, services, and resources (such as capital) exceeds their consumption. |
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scarcity
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Ever-present situation in all markets whereby either less goods are available than the demand for them |
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depression |
Lowest point in an economic cycle characterized by reduced purchasing power |
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resource |
An economic or productive factor required to accomplish an activity |
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recession |
Period of general economic decline |
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profit |
The surplus remaining after total costs are deducted from total revenue |
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command economy |
An economy in which market mechanisms are replaced by a centralized state authority which coordinates all economic activity through commands |
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monopoly |
Market situation where one producer (or a group of producers acting in concert) controls supply of a good or service, and where the entry of new producers is prevented or highly restricted |
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information utility |
Large-scale provider of information |
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Labor |
work, especially hard physical work. |
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Supply |
the amount available at a specific price or the amount available across a range of prices if displayed on a graph |
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Demand |
the utility for a good or service of an economic agent, relative to his/her income. |
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Capital |
wealth in the form of money or other assets owned by a person or organization |
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Utility |
the state of being useful, profitable, or beneficial |
