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The condition that results from society not having enough resources to produce all the things people would like to have, The study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources, Resources required to produce the things we would like to have; land, capital, labor, and entrepreneurs, "gifts of nature"; natural resources not created by humans, The tools, equipment, machinery, and factories used in the production of goods and services, The money used to buy the tools and equipment used in production, People with all their efforts, abilities, and skills, A risk-taker in search of profits who does something new with existing resources, The process of creating goods and services, The dollar value of all final goods, services, and structures produced within a country's borders in a 12-month period, Goods and services that are useful, relatively scarce, and transferable to others, An item that is economically useful or satisfies an economic want, When manufactured goods are used to produce other goods and services, Refers to a worth that can be expressed in dollars and cents, Contradictions between necessity and value, The capacity to be useful and provide satisfaction, The accumulation of those products that are tangible, useful, and transferable from one person to another, A location or other mechanism that allows buyers and sellers to exchange a certain economic product, The markets where productive resources are bought and sold, Markets where producers sell their goods and services to consumers, Occurs when a nation's total output of goods increases over time, A measure of the amount of output produced by a given amount of inputs in a specific period of time, When work is arranged so that individual workers do fewer tasks than before, When factors of production perform tasks that they can do relatively more efficiently than others, Sun if the skills, abilities, health and motivation of people, We rely on others, and they rely on us, to provide the goods and services that we consume, The cost of the next best alternative use of money, time, or resources when another choice is made rather than another, A diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed, A way of thinking about a problem that compares the cost of an action to the benefits received, Consumers and privately-owned businesses, rather than the government, make the majority of the WHAT, HOW, and FOR WHOM decisions, The quality of life based on the possession of the necessities and luxuries that make life easier. 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