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Unit 1 Economics Vocabulary

Giving up one thing in return for another
The most desirable alternative given up as the result of a decision
The necessities, comforts, and luxuries enjoyed or aspired to by an individual or group
A systematic process of definong problems, evaluating alternatives, and choosing optimal solutions
An economic system combining private and public enterprise
A situation in which unlimited wants exceed the limited resoures availabe to fulfill those wants
The value of a particular product compared to the amount of labor needed to make it
A focus on a particular activity or area of study
The struggle among producers for the dollars of consumers
The concept that people have the right and privilege to control their possessions as they wish
Unfored to trade something
An economic in which the government controls a contry's economy
The ability to keep in existence or maintain
The process of starting, organizing, managing, and assuming the responsibility for a business
Expenditure of physical or meantal