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Civics 16

TermDefinition
Scarcity demand is greater than amount
Capital Goods goods that are used in producing other goods
Opportunity Cost the value of the next-best alternative
Capitalism citizens, not governments, own and run companies
Socialism spread wealth evenly
Communism the government or the whole community owns goods
Division of labor people work in small groups
Laissez Faire restricts government intervention in the economy
Created by: noodls41poodle
Popular American Government sets

 

 



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