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11 Cards in this Set
- Front
- Back
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the force tht encourages people and organizations to improve their material well being.
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profit motive
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the concept that everyone can compete in the marketplace
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open opportunity
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the concept that people have the right and privilege to control their possessions as they wish.
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private property rights
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allows people to decide what agreements they want to enter into.
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free contract
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the rivalry among sellers to attract customers while lowering costs
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Competition
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the concerns of the public as a whole
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public interest
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the study of the behavior and decisiion making of entire economies
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macroeconomics
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the study of the economic behavior and decision making of small units such as; individuals, families, households, and businesses.
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microeconomics
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the total value of all final goods and services produce in an economy.
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gross domestic product
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is a period of macroeconomic expansion followed by a period of decline
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business cycle
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the process used to produce a good or service.
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technology
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