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Java Games: Flashcards, matching, concentration, and word search. |
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Introduction to Economics - Unit 1.1 Vocabulary Review
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| A | B |
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| Basic Economic Problem | Use limited resources to satisfy unlimited wants |
| Factors of Production | resources to produce goods and services - remember, resources and goods are limited |
| Land/Natural resources | water, oil, trees |
| Labor or Human resources | workers |
| Capital | man made machines, money, equipment, etc |
| Sarcity | Unlimted wants, limited resources - fundamental economic problem |
| Decision making process | State problem, review options, evaluate decision |
| Producers | those who make things |
| Consumers | buyers |
| Opportunity cost | When a choice is made about the best use of a resource, the alternative that is given up |
| Trade-off | Accepting or choosing less of one thing in order to get more of something else |
| Economizing | When you attempt to obtain the most satisfaction from limited resources |
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