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Economics is the study of people and choices.

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Economics on a large scale, for example trade between nations.

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Economics on a much smaller, more individual scale.

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The lack of a reasource.

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What you lose versus what you gain from a trade.

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A thing or reason that makes you want to do something.

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A Process that helps you know which decisions to make and not make.

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Very small profit coming from a thing with a lot of money invested in it.

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The resources used to make something.
Ex). Time, oil, steel.

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The focus of a certain area of work.

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A way that goods and services can be exchanged

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An exchange of goods

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How much of a good people will buy at any given time.

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How much of a good is available

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When the supply of goods is the same as the demand.

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A good that you can use to replace another.

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Two goods that work well when bought together.

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How responsive economic variables are.

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