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Published byJoseph Goodwin Modified over 9 years ago
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No
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yes
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Citizenship exam
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authoritarian
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extremist
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Children’s online privacy act
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Internet
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The study of how we make decisions in a world where resources are limited
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Lacking the resources to provide the things we want
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Needs
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One thing is exchanged for the use of another
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opportunity
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Expenses that increase as production grows
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Total cost
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Marginal cost
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Cost-benefit analysis
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The change in total revenue that results from selling one more unit of output
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Market economy
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Rewards offered to try to get people to take certain economic actions
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products
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A country’s ability to produce a good at a lower opportunity cost.
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Customs duty or a tax on imported goods
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quota
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NAFTA
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Currency can lose value
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The value of the products imported is larger than the products exported
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The difference between the value of a nation’s imports and exports
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A system in which private citizens own the factors of production
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All property is held in common
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The means of production should be owned by a society
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Combines pure markets and command economies
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traditional
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