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| something like air, food, or shelter, that is necessary for survival |
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| the study of how people seek to satisfy their needs & wants by making choices |
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| an item that we desire but that is not essential to survival |
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physical objects such as cllothes or shoes
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| actions or activities that one person performs for another |
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| limited quantities of resources to meet unlimited wants |
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| a situation in which a good or service is unavailable |
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| land, labor, & capital; the three groups of resources that are used to make all goods & services |
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| natural resources that are used to make goods and services |
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| the effort that people devote to a task for which they are paid |
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| any human made resource that is used to create other goods & services |
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| all human made goods that are used to produce other goods & services, tools & buildings |
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| the skills & knowledge gained by a worker through education & experience |
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| ambitious leader who combines land, labor, & capital to create & market new goods & services |
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| an alternative that we sacrifice when we make a decision |
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| government programs that protect people experiencing unfavorable economic conditions |
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| level of economic prosperty |
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| economic system that relies on habit, customers or ritual to decide questions of production & consumption of goods & services |
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| economic system in whihc decisions |
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