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Scarcity
the limited amounts of resources
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Human Capital
the skills, abilities, health, and motivation of people
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Utility
the capacity of a product to be useful
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Opportunity Cost
if you go to a football game rather than working, the __________ _____ would be that you don't earn money
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Factors of Production
Capital, Entrepreneurship, Land, Labor (C.E.L.L)
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Capital Goods
the only factors of production that are themselves the result of earlier production
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Value
how much something is worth in dollars and cents
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Consumer Goods
products designed to satisfy people's wants and needs
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Consumers
People who use goods and services to satisfy their wants and needs
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Needs vs Wants
Needs- food, water, oxygen
Wants- Car, Xbox, Iphone
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Trade Off
if you go to school, the _____ ____ would be not being able to sleep or vise versa
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Laissez-faire
gov't needs to stay out of the business
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Profit Motive
the driving force that encourages people and organizations to improve their material well-being
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Consumer Sovereignty
the role of the consumer as ruler of the market. "The Customer is always right"
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Communist Countries
- Cuba
- North Korea
- Vietnam
- Cuba
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Adam Smith
wrote Wealth of a Nations
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