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5 Cards in this Set
- Front
- Back
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The 4 Factors of production
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Land, labor, capital, entrepreneur
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Scarcity
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our wants are unlimited but the resources to fulfill them are limited.
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Normative economics
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The part of economics involving value judgments about what the economy should be like; focused on which economic goals and politics should be implemented; policy economics
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Positive economics
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The analysis of facts or data to establish scientific generalizations about economic behavior.
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trade-offs
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to achieve one you must sacrifice another
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