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study of how societies use limites resources to satisfy production wants and needs and decisions about production and distribution of goods and services
fuels that come from the earth and the breaking down of material. ex.coal, petroleum, natural gas
a system in which trradition and custom control all economic activity, exists in only a few parts of the world today
an economic system based on free enterprise, in which businesses are privately owned and production and prices are determined by supply and demand
a feature of capitalism that allows peopl to make a profit and benefit from their talents and resources
economic system that relies on the forces of supply and demand to control economic decisions
an economy in which the government supports and regulates enterprise through decisions that affect the marketplace
economic system in which economic decisions about production and distribution are made by some central authority
standard of living
the degree to which a person group or society has the basic necessities comforts and luxuries
quality of life
the degree of enjoyment and satisfaction experienced in everyday life opposed to financial or material well-being
countries have a comparative advantage for a product if they can produce it at a lower opportunity cost than other countries
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