chap 1-nature of the economic problems
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Last updated 9:56 AM on 11/19/22
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6 Terms
1
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wants
desire 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
unlimited wants exceeding finite/limited resources
4
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scarcity
a situation where there is not enough to satisfy everyone's wants
5
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economic good
a product which requires to produce it and therefor has an opportunity cost
6
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free good
a product that doesn't require a resource to produce it and therefor has no opportunity cost