Chapter 1
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6 Terms
1
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Wants
Desires for goods and services
2
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Resources
Factors used to produce goods and services
3
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The economic problem
A situation where there is not enough to satisfy everyone's wants.
4
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Economic good
A product which requires reasources to prudce it. (Have opportunity cost)
5
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Free good
A product which does not require any resources to make it. (Does not have opportunity cost)
6
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Note 
Flashcards (30)