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Economics 1

An item that's economically useful or satisfies economics wants and needs
Describes the utility you get for adding one more thing
Amount of output produced by what is put into outputs in certain amount of time
The loss of potential gain from other alternatives when one alternative is chosen
Customs and beliefs are use in developing the gods and services for the area
Gov't decides all the three basic economic questions
Describes the increased cost for adding one more of something
People & firms act in their own best interests to answer the basic quesions
Focusing on what you or others of production do best
When a want is both desirable and limited
Gov't makes some decision
Describes usefulness and satisfaction of a product