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Review for Economics

             Wants - Economists term for everything people desire beyond basic goods and services that meet their needs.
             Needs - Necessary to live.
             Scarcity - State in which people do not and cannot have enough income, time, or other resources to satisfy their every desire.
             Trade Off - Exchanging one thing for the use of another.
             Opportunity Cost - Value of the next best alternative given.
             Land - Refers to natural resources and surface land.
             Labor - Work people do.
             Capital - All property used in the production of other goods.
             Entrepreneurship - Ability to start a new business.
             What To Produce - Decision made by the government.
             How Much To Produce - The government decides.
             Who Should Share In What Is Produced - The government/congress decides.
             Free Enterprise - Capitalism.
             Traditional Economy System - All decisions are based on customs or beliefs.
             Command/Controlled Economy - System in which the government controls all factors of production.
             Market/Capitalistic Economy - The government doesn't influence in this type of economy.
             Mixed Economy - System combining characteristics of more than one type of economy.
             Circular Flow Chart - Model that shows income flowing between businesses and consumers.
             Free Choice - Buyers make the decisions about what should be produced.
             Private Property - What is owned by individuals.
             Profit Incentive - Desire to make profit.
             Competition - Rivalry among producers.
             Adam Smith - Believed that individuals, seeking profit, direct their resources more efficiently than governments.
             Invisible Hand Theory - Individuals not bothered by the government would work for their own self-interests.
             Law Of Demand - How people react to changing prices in terms of the quantities of a good or service that they produce.
             Law Of Supply - As the prices rise, so does the quantity supplied.
             Shortage - The quantity demanded is greater than what is supplied.
             Surplus - Extra product.
             Sole Proprietorship - A business owned by one person.

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