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mercantilism
the buildings of a nations wealth by extracting it from other countries or colonies
three components
Land, labor, and capital
scarcity
the availability of a product or service
self interest
believed that buyers, and sellers, or consumers and producers acted naturally because of this
the invisible hand
the out come of the interaction between a buyer and a seller
quality and lowest
the buyers have two incentives when buying a product or service
three basic economic questions
what is to be produced?, how will it be produced?, who is the consumer?
Note 
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