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7 Cards in this Set
- Front
- Back
Opportunity Cost
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The most desired goods or services that are forgone to obtain something else
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Capital
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Final goods produced for use in the production of the other goods, such as equipment and structures
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Factors of Production
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Resources inputs used to produce goods and service such as Land, Labor, Capital, and Entrepremeuships
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Scarcity
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Lack of enough resources to satisfy all desired uses of those resources
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Macroeconomics
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The study of aggregate economic behavior of the economy as a whole.
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Microeconomics
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The study of individual behavior in the economy of the components of the larger economy
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Law of Increasing Opportunity Costs
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We must give up ever-increasing quantities of other goods and services in order to get more of particular good
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