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Economics final study guide

The use of resources in such a way as to maximize the output of goods and services
The study of how people seek to satisfy their needs and wants by making choices.
Any human made resources that is used to produce other goods and services
The doctrine that Gov’t generally should not intervene in the marketplace.
The use of fewer resources than an economic is capable of using.
Level of economic prosperity
The income people receive in return for supplying factors of production
The extra cost of adding one unit
A shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude those who did.
The concentration of the productive efforts of individuals and business on a limited number of activities.
The physical objects that someone produces
The actions or activities that one person performs for another
A Gov’t license that gives the inventor of a new product the exclusive right to produce and sell it.
An economic system that relies in habit, custom, or ritual to decide the three key economic questions.
An economic system in which decisions on the three economic questions are based on voluntary exchange in markets.
The amount of money a business receives in excess of its expense
The hope of reward or fear of penalty that encourages a person to behave in a certain way.
The most desirable alternative given up as a result of a decision.
Something people desire but not necessary for survival
An individual’s own personal gain
A period of macroeconomic expansion or growth followed by one of contraction or decline.
An economic system in which the Gov’t makes all decisions on the three key economic questions.
A range of economic and political systems based on the belief that wealth should be distributed evenly throughout society.
A market-based economic system based off of culture, ritual, or religious beliefs
A set of Gov't programs that protect people who face unfavorable economic conditions
Something essential for survival.
The total value of all final goods and services produced in a country in a given year