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Eco

QuestionAnswer
Limited quantities of resources to meet unlimited wants Scarcity
An ambitious leader who combines land, labor, capital to create and market new goods and services Entrepreneur
An alternative that we sacrifice when we make a decision Tradeoff
Using resources in a way as to maximize the production of goods and services Efficiency
Using fewer resources than an economy us capable of using Underutilization
Law that states that as we shift factors of production from one good or service to another, the cost of producing the second item increase Lae of increasing costs
Government programs that protect people experiencing unfavorable economic conditions Safety net
A market based economic system with limited gov involvement Mixed economy
The concentration of the productive efforts of individuals and firms on a limited number of activities Specialization
Term economists use to describe the self regulating nature of the marketplace Invisible hand
The power of consumers to decide what gets produced Consumer sovereignty
The doctrine that states that gov generally should not intervene in the marketplace Laissez faire
An economic system characterized by private or corporate ownership of capital goods Free enterprise
The total value of all final goods and services produced in a particular country Gdp
Soneone who would not choose to pay for certain goods or service, but who would get the benefits os it anyway if it were provided as public good Free rider
Created by: austinjadetaft
 

 



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