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a place where buyers and sellers meet to exchange goods and services

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a condition where there are limited resources to provide for unlimited wants

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the second best alternative given up when making an economic decision

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all other unselected choices in an economic decision

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an economic system where a national government or central planning committee makes all economic decisions

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an economic system where individuals own the factors of production and make all economic decisions with little government interference

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an economic system that relies on traditions and customs to navigate their economic decisions

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an economic system where the government controls some aspects of the economy but not all

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land, labor, capital, and entrepreneurs

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a graph that shows the most efficient distributions of resources between two products

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rewards or profits that motivate one to make certain economic decisions

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a person who starts and/or runs a business

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an economic system where businesses are owned privately

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an economic system where the government owns a portion of businesses and others are owned privately

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the way an economy produces, distributes, and consumes goods and services

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the thing that motivates businesses to grow by improving their financial well-being

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the human-made objects used to create other goods and services

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the skills and knowledge gained by a worker through education and experience

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weighing what you sacrifice compared to what you gain to help make the best economic decision

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costs that are made in the past and cannot be recovered