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| 1. | a phrase that refers to the trade-offs that nations face when choosing whether to produce more or less military or consumer goods |
| 2. | the method used by a society to produce and distribute goods and services |
| 3. | land, labor, and capital; the three groups of resources that are used to make all goods and services |
| 4. | economic system that combines the free market with limited government intervention |
| 5. | an economic system in which investment and ownership of the means of production, distribution, and exchange of wealth is made and maintained by private individuals or corporations |
| 6. | economic system in which the central government makes all decision on the production and consuption of goods and services |
| 7. | a period of expansion followed by a period of contraction |
| 9. | a plan for the federal governments' revenues and spending for the coming year |
| 11. | the desire to own something and the ability to pay for it |
| 12. | the point at which quantity demanded and quantity supplied are equal |
| 14. | the struggle among consumers for the dollars of consumers |
| 16. | direct payment of money to eligible poor people |
| 18. | ambitious leaderr who combines land, labor, and capital to create and market new goods and services |
| 22. | something that is owed or that one is bound to pay to or perform for another |
| 24. | anything that serves as a medium of exchange, a unit of account, a store of value |