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SBV list 8-2

institutionalized racism The use of institutional policies, practices and/or procedures to withhold rights, privileges and opportunities from the race that is believed to be inferior.
mixed economy An economic system that combines features or more than one of the traditional command and market system.
natural resource A productive resource supply by nature (e.g., ores, trees, arable land).
opportunity cost The value of the next best alternative given up when a choice is made.
production The act of combining natural resources, human resources, capital goods and entrepreneurship to make goods and services.
productive capacity The maximum output that an economy can produce without big increases in inflation.
push factor A social, political, economic or environmental force that drove people from their previous location to search for a new one.
standard of living A persons or groups level of material well being as measured by education, housing, health care and nutrition.
Created by: sbadger