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20 Cards in this Set
- Front
- Back
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Wants |
Desires that can be met by consuming products |
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Needs |
Things necessary for survival |
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Scarcity |
Lack of resources to satisfy wants |
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Goods |
Physical objects that can be bought |
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Services |
Work one person does for another for pay |
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Consumer |
Person who buys a good or service for personal use |
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Producer |
Person who makes a good or provides a service |
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Factors of production |
Resources needed to produce goods and services |
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Entrepreneurship |
Vision, skill, ingenuity, willingness to take risks |
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Incentives |
Benefits that encourage people to act in certain ways |
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Utility |
Benefit or satisfaction gained from using a good or service |
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Cost-benefit analysis |
Examining costs, expected benefits of choices |
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Marginal cost |
Additional cost of using one more unit of a good or service |
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Marginal benefit |
Additional benefit of using one more unit of a good or service |
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Economic models |
Simplified representations of economic forces |
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Efficiency |
Producing the maximum amount of goods and services possible |
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Underutilization |
Producing fewer goods and services than possible |
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Statistics |
Numerical data or information (show patterns of human behavior) |
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Microeconomics |
Studies behavior of individual players in an economy |
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Macroeconomics |
Studies behavior of economy as a whole |
