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Ch 1 & Ch 20
davis economics
6
Economics
12th Grade
02/07/2008
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Term
Scarcity
 Definition
condition that results from society not having enough resources to produce all teh thinkgs people would like to have.
Term
economics 
 Definition
study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources.
Term
three basic questions
 Definition
what to produce/how to produce/for whom to produce
Term
factors of production
 Definition
land/capital/labor/entrepreneurs
Term
land
 Definition
nature
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