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7 Cards in this Set

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Opportunity cost

The most desirable alternative given up as the result of a decision

Capital
any human made resource that is used to create other goods or services
Specialization
The concentration of the productive efforts of individuals and firms on a limited number of activities
Motivating force of a free market economy
Profit
the financial gain made in the transactions
Reason markets exist
So people can buy and sell goods or services
Causes of to shift a demand curve
change in the price and quantity-demanded
GDP and GNP
The monetary value of all the finished goods and services produced within a country's borders in a specific time period