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7 Cards in this Set
- Front
- Back
- 3rd side (hint)
Opportunity cost |
The most desirable alternative given up as the result of a decision |
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Capital
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any human made resource that is used to create other goods or services
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Specialization
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The concentration of the productive efforts of individuals and firms on a limited number of activities
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Motivating force of a free market economy
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Profit
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the financial gain made in the transactions
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Reason markets exist
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So people can buy and sell goods or services
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Causes of to shift a demand curve
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change in the price and quantity-demanded
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GDP and GNP
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The monetary value of all the finished goods and services produced within a country's borders in a specific time period
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