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Economic systems

TermDefinition
benefit A positive consequence.
consequence Something that happens as the result of a choice.
cost Something given up as the result of a choice.
factors of production The land, labor, capital, and entrepreneurship that a society uses to produce goods and services.
incentive A motivation for choosing one alternative over another.
opportunity cost The best alternative that has been given up.
private sector The part of an economy that is not run by the government; goods and services produced by individuals and private businesses.
scarcity Limited resources to meet unlimited human needs and wants.
Created by: Dark rider
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