Economics
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| Economics | The study of how society chooses to use scarce resources to satisfy its unlimited wants.
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| Economist | Someone who studies economic theory and applies it to the real world.
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| Microeconomics | The study of a single factor of the economy rather than economy as a whole.
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| Macroeconomics | The study of an entire economy or one of its principle sectors.
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| Consumers | One who buys goods and services for personal use.
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| producers | A person, group, or business that makes goods or provides services to satisfy consumers.
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| Goods | An object or material that can be purchased to satisfy human wants and needs.
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| Resources | Anything used to produce goods or services.
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| Services | Any action or activity that is performed for a fee.
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| Factors of production | A resource used to peoduce goods and services.
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| Natural resources | In economics any material provided by nature that can be used to produce goods and provide services.
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| Human resources | Any human activity mental or physical used in any production process.
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| Capital resources | An item that is used in the production of other goods and services.
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| Capital goods | A building, structure, machine or tool that is used to produce goods and services.
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| Consumer goods | A finished product that is consumed by an individual.
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| Technology | Scientific and technical techniques used to produce existing products more efficiently.
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| Entrepeneurship | The organizational activities and risk taking involved in starting a new business
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| Entrepenuer | Someone who undertakes and develops a new business.
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| Scarcity | The fundamental condition of economics that results from the combination of limited resorces and unlimited wants.
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| Allocate | To distribute scarce resources in order to satisfy the greatest number of needs and wants.
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| Productivity | The level of output that results from a given level of input.
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| Efficiency | The production of goods and services using the smallest amount of resources for the greatest number of output.
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| Division of labor | Division of a complex procedure into small tasks.
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| Specialization | The focus of a worker on only one or a few aspects of production.
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| Trade off | The sacrifice of one good in order to purchase or produce another.
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| Opportunity costs | The value lost by rejecting one use of resources in favor of another.
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| Production possibilities curve | A graphic representation showing all of the possible combinations of two goods or services that can be produced in a stated period.
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| Exchange | The process by which producers and consumers agree to provide one type of item in return for another.
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| Barter | The direct exchange of goods and services without the use of money.
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| Money | Any item typically currency that is commonly accepted in exchange for goods.
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| Credit | A form of exchange that allows consumers to use items with a promise of repayment over a specified time.
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| Value | The worth of a good or service for the purpose of exchange expressed as the amount of money that a consumer is willing to pay for service.
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| Utility | The usefulness of a good or service that contributes to its value.
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| Self Suffiencecy | The ability to fulfill all of ones needs without assistance.
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| Interdependence | The relationship of a neutral reliance of influence among people.
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