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Fundamentals Review
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Scarcity Unlimited wants and needs exceed limited resources; permanent
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Trade-Off Choosing between options
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Opportunity Cost The second best alternative that you could have had but ended up giving up
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Land Resource Resources that come from the earth
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Labor Resource An actual person who does a job and their ability to do the job
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Capital Resource/Good
Physical items that are made by people and are used to produce other goods and services
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Entrepreneurship The ability to create ideas and organize resources and tasks in order to produce a good or service
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Production Possibilities Curve
The graph used to determine how much to produce of two goods (and how to use the resources)
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Human Capital The mental and physical skills used by an individual to do a job
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Command System Central or main government answers production questions and owns all key resources
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Market System Consumers and producers answer production questions through voluntary trade
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Traditional System Economic system where everything is done as it was in the past
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Public Good Item that is provided by the government for everyone regardless of their ability to pay for it
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Economic Efficiency Economy uses its limited resources to produce as much as possible and wastes nothing
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Economic Freedom Freedom to make own choices (where to live, work, purchase, sell etc.)
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Economic Growth Sustained increase in production of goods and services
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Economic Stability To minimize fluctuations in the overall economy
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Economic Security Desire to protect consumers and producers from risks that they can't control
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Economic Equity Fairness and belief that everyone should have access to certain goods/services
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