The Economic Problem: Scarcity and Choice
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6 terms
Terms | Definitions |
|---|---|
 market place | everyone benefits from national defense |
| production possibility frontier | a graph that shows all the combinations of goods services that can be produced if all of society's resources are used efficiently. |
| production | the process that transforms scarce resources into useful good and services. |
| factors of production | input into process of production. |
| capital | things that are produced and then used in the production of other goods and services. |
| markets | exchange take place typically between sellers, markets and buyers |
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