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Stack #59126

barter trade of goods & services for other goods & services w/o the use of money
capital good productive resource consisting of human made materials needed to produce goods and services; capital goods include buildings, machinery, equipment and tools
benefit that which is received as an improvement or advantage as a result of a decision
cardinal directions 4 main points of the compass (north, south, east, west)
flow resource resource that is neither renewable nor nonrenewable, but must be used when or where it occurs (i.e. running water, wind, sunlight)
institutionalized racism use of institutional policies, practices and/or procedures to withhold rights, privileges & opportunities from the race that is believed to be inferior
market economy economic system in which decisions on productions & consumption are made by individuals acting as buyers & sellers
mixed economy economic system that combines features of more than one of the traditional, command & market systems
intermediate directions points that fall between north & east, north & west, south & east, south & west
opportunity cost value of the next best alternative given up when a choice is made
Created by: mench