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9 Cards in this Set
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- Back
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Scarcity
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A situation in which unlimited wants exceed the limited resources available to fulfill those wants
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Unlimited wants> limited resources
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Trade off
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The idea that because of scarcity, producing or consuming more of one good means producing or consuming less of another
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Scarcity of resources
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Society as a whole makes choices
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Economics
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Study of choices agents make when faced with scarcity
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Microeconomics
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Study of choices that households and firms make
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(Personal) individual entities
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Macroeconomics
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The study of aggregate (total) effects on the national and global economy
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(Country) aggregate economy
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Centrally planned economy
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An economy in which the government decides how economic resources will be distributed
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Market economy
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An economy in which the decisions of households and firms interacting in markets distribute economic resources.
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Mixed economy
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In economy in which most economic decisions result from the interaction of buyers and sellers in markets but in which the government plays a significant role in the distribution of resources.
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