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Related Flashcards
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Cards In This Set
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The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various ompeting groups and individuals.
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Economics
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The part of economics that looks at the operation of a nation's economy as a whole.
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Macroeconomics
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The part of economics that looks at the behavior of people and organizations in particular markets
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Microeconomics
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The study of how to increase resources and to create the conditions that will make better use of those resources.
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Resource development
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A phrase coined by adam smith to describe the process that turns self-directed gain into social and economic benefits for all.
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Invisible hand
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An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit.
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Capitalism
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The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time.
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Supply
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The quantity of products that people are willing to buy at different prices at a specific time.
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Demand
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The price determined by supply and demand.
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Market price
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The market situation in which there are many sellers in a market and no seller is large enough t dictate the price of a product.
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Perfect competition
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The market situation in which a large number of sellers produce products that are very similar but are perceived by buyers as different.
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Monopolistic competition
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A form of competition in which just a few sellers dominate the market
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Oligopoly
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A market in which there is only oe seller for a product or service
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Monopoly
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An economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be evenly distributed among the people.
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Socialism
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The loss of the best and brightest people to other countries.
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Brain drain
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