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29 Cards in this Set
- Front
- Back
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business
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any commercial activity that seeks profit by providing goods and services to others in exchange for money
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profit
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the money left over after a business has paid the cost of providing its goods and services
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competition
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contest between businesses to win customers
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market research
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the gathering and analysis of information on the size, location, and makeup of a product
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consumer
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person who used goods and services
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scarcity
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a shortage of resources
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factors of production
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all the economic resources necessary to produce a society's goods and services
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natural resources
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raw materials from nature used to produce goods
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labor resources
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individuals who make the goods and services for which they are paid
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capital resources
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the things used to produce goods and services
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entrepreneurial resources
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people who recognize opportunities and start businesses
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entrepreneurship
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process of recognizing a business opportunity,
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entrepreneur
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a person who recognizes a business opportunity
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economics
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study of how individuals and groups strive to satisfy their wants and needs through making choices
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economic system
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the method that a society chooses to use and distribute resources
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market economy
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economic system in which economic decisions are made in the marketplace
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price
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the amoount of money given or asked for when goods and services are bought or sold
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supply
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amount of of goods and services that producers will provide at various prices
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demand
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amount of quantity if goods and services that consumers are willling to buy
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equilibrium price
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the point at which the quantity demanded and the quantity supplied meet
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command economy
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system in whihc a central authority makes economic decisions
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mixed ecomomy
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combination of command and market
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gross domestic product
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total value of the goods and services produced in a year
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standard of living
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the level of material comfort as measured by the goods and services that are available
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inflation
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general increase in the cost of goods and services
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deflation
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general decrease in the cost of goods and services
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budget deficit
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when Gov. spends more on programs than it collects in taxes
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national debt
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total amount of money owes
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budget surplus
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when Gov, collects more in taxes than it spends on programs
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