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9 Cards in this Set
- Front
- Back
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Scarcity
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The limited nature of society's resources
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Economics
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The study of how society manages it's scarce resources
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Efficiency
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The property of society getting the most it can from its scarce resources
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Equality
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The property of distributing economics prosperity uniformity among the members of society
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Opportunity cost
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whatever must be given up to obtain some item
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Rational people
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People who systematically and purposefully do the best they can to achieve their objectives
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Marginal change
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A small incremental adjustment to a plan of action
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Incentive
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Something that induces a person to act
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Market Economy
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An economy that allocates resources through the descent re
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