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Goods |
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Things that are produced to satisfy wants |
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Services |
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Work that is done for or by someone to satisfy a want |
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Scarcity |
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When you do not have enough resources to produce everything you want |
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Limited Resources |
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Not having enough resources |
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Opportunity Cost |
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The next best choice one gives up in order to get something else |
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Land (Natural) Resources |
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all of the things found in nature |
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Labor (Human) Resources |
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the people who work to provide goods and services |
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Capital Resources |
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the tools, buildings, etc. used to make goods and perform services |
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Specialization |
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each person finds a job that he or she can do well |
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Division of Labor |
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dividing the jobs among the workers |
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Interdependence |
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depending on one another to get the job done well |
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Consumer |
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someone who buys the goods and services |
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Producer |
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someone who produces (makes) the goods or services |
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