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Cards In This Set
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What is a situation in which some necessities have little value when some non necessities have a much higher value.
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Paradox of value
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Manufactured goods needed to produce other goods and services
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Capital goods
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Division of labor is a characteristic of...
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Assembly line production
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The study of economic is important because it makes us become..
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Better decision makers.
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A popular model used to illustrate the concept of opportunity cost is
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Production possibilities frontier/curve
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An economy at its production possibilities frontier is at ..
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Its full potential
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Actions in one part of a country that affect another part is....
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Economic interdependence
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Good
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An item that is economically useful or satisfies an economic want
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Service
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A work that is performed for someone
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Market
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Location that allows buyers and sellers to exchange economic products
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Productivity
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A measure of the amt. of output produced by a given amt. of inputs in a specific period of time
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For something to have value it must have..
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Utility
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Specialization
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Performing one task relatively more efficiently than another
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Scarcity
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Fund. economic problem! condition that results from not having enough resources to produce all the things ppl want
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Need
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Basic requirment for survival
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