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Economics Vocab

Samantha Newman

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5.the study of the economy as a whole
11.the study of economics at the level of an individual.
12.an advantage derived from one country having lower absolute input cost of producing a particular good than another country.
13.the study of how individuals in society satisfy unlimited wants.
14.the ratio of the effective or useful output to the total input in any system.
1.goods used to produce other goods, land, labor, capital, and entrepreneurial ability.
2.a sustained rise in the average level of prices
3.the shortage that exists when less of something is available than is wanted at zero price.
4.the owner or manager of a business enterprise who, by risk or initiative attempts to make profit.
5.any systematic process enabling many market players to bid
6.the quantity of output produced per unit of resource.
7.the price and quantity at which quantity demanded and quantity supplied are equal.
8.the giving up of one good or activity.
9.the amount of an exported good that must be given up to obtain imported goods
10.a measure of the quantity of final goods and services produced, adjusted for price changes.

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