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15 terms

History Quiz

STUDY
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Benefits
Economist consider both the sots and the of an action
Opportunity
In economics. The word cost refers to the you give up when you choose to do something
Unintended
Economists consider the effects of an action, as well as its intended effects.
Global
Economists think in terms of a economy, an economy in which economic actions taken anywhere in the world may affect your standard of living.
Macro
Economists who specialize in focus on the big picture, studying economic choices as they relate to the entire economy.
Utility
Satisfaction
Intangable
not able to be felt by touch
Resources
Things that are used to produce goods or services
Scarcity
The condition in which wants are greater than resources
Economics
The science that studies the choices of people trying to satisfy their wants in a world of scarcity.
Land
Resource is a forest
Labor
Resource is a person working in a factory
Capital
Resource is a computer
Interest
Capital earn
Profits
Entrepreneurship earn