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Definition
| a person who studies how a society makes and spends money |
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machines and tools used in producing |
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a tangible product which may be sold to a customer or another industry |
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Definition
physical and or mental work |
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the way that societies turn resources into goods and services |
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Definition
the difference between the revenue that a business generates from its goods and/or services and the cost of producing those goods and/or services |
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Definition
a manufacturing process that uses standardized parts for the mass production of goods |
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Definition
a service performed for a customer at the consumer level |
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Definition
| the four factors that may be combined in many ways to make a profit- natural resources, labor, capital, and other products. |
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Definition
| the type of economy in which the market determines what goods and services are produced (such as the US economy). |
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Definition
| a service performed at the producer level |
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Definition
| making the difference between revenues and cost as large as possible |
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Definition
| natural resources that cannot be replaced after being consumed, or those resources which will take too long to replace. |
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Definition
| products that were manufactured somewhere else that are used to make other products |
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Definition
| natural resources which can be replaced after being consumed |
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