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SPA ECON 3
| Question | Answer |
|---|---|
| state in which people do not have enough resources to satisfy their every desire | scarcity |
| buying and selling; doing business | commerce |
| in economics, doing business, usually one country doing business with another | trade |
| something that is owed; an obligation to pay back borrowed money | debt |
| the ability to complete a task with as little use of resources as possible | efficiency |
| the right or privilege to do what you want | freedom |
| An increase in the capacity of an economy to produce goods and services, compared from one period of time to another | growth |
| freedom from financial worries; safety | security |
| resistance to sudden change; likely to remain the same | stability |
| exchanging one thing for another; a compromise | trade-offs |
| rewards that motivate people to behave in certain ways | incentives |
| transfering ownership from the government to private owners | privatization |
| transfering ownership from private owners to the government | nationalization |