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8 Cards in this Set
- Front
- Back
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A _____ lists the different combinations of two products that can be produced with a specific set of resources, assuming full employment.
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production possibilities table
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_____ is the discipline of economics concerned with individual units such as households, firms and government.
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microeconomics
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The need to make choices because economic wants exceed economic means describes:
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the economizing problem
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People desire goods and services that provide maximum utility. In fact, our desires or wants are:
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insatiable and unlimited
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Factories, storage, transportation and distribution facilities, as well as tools and machinery are all examples of physical _____ goods.
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capital
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Advances in production technology enable a society to produce
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more goods with current or less resources.
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When comparing the additional or incremental costs versus additional or incremental benefits of a decision, one is engaging in:
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marginal analysis
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Economic growth is the result of increases in:
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the quantities of resources, technological advances, and improvements in resource quality
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