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Unit 1 Economics

Primary drive of entrepreneurship.
When unlimited wants exceed limited resources.
Determines the goods and services an economy produces because businesses will only produce those products that consumers are willing to buy.
Refers to the extent to which a central authority has control over the production and consumption decisions in an economy.
Separation of tasks in any economic system so that participate may specialize.
Refers to the ability of individuals and businesses in an economy to buy, sell, and hold property as the wish without fear government interference or seizure.
When you choose a product or business over another.
They are the natural, human, and capital, resources used to make goods and services.
When individuals and businesses concentrate on a single activity or area of expertise when producing a good or service.
Actors in the economy will only select a choice if the marginal benefits of it are equal to or greater than the marginal cost of the action.
Refers the characteristic and behaviors firms in a particular market or industry.
The money you get for a product minus how much you use to buy a product.