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Gross domestic product -
The total value of goods produced and services provided in a country during one year

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Gross domestic product

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High value of a nonessential item and the low value of an essential item

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production possibility curve: Taylor Guevara

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production possibility curve: Taylor Guevara

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graph representing production trade offs of an economy given fixed resources

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goods not for immediate consumption and can last longer than 3 years.

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the state of being scarce or in short supply; shortage.
T

"a time of scarcity"

synonyms:

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Economic Interdependence; Destiny Armendariz 

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Economic Interdependence; Destiny Armendariz 

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A characteristicof a society with a high degree of division of labor. People depend on other people to produce most goods & services required to sustain life.

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have a desire to possess or do (something); wish for.

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the alternative you face if you decide to do one thing rather than another

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Good bought and used by consumers, rather than by manufacturers

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The Tyler Barnes

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are based on physiological, personal requirements necessary for you to function and live

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Means by which something is produced.

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Human activity that provides services, workers.

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Value of the next best alternative

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limited natural resources not created by humans (climate, fresh water, vegitation)

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Useful; provides satisfaction

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Market Economy is one in which price and production is controlled by buyers and sellers freely conducting business.

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goods that are used in producing other goods, rather than being bought by consumers.

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The action of helping or doing work for someone.

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The regard that something is held to deserve the importance,worth or usefulness of something

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Tangible economic product thats useful

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the branch of knowledge concerned with the production, consumption, and transfer of wealth

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The total value of goods produced and services provided in a country during one year.

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estimate the monetary worth of