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Limited quantities of resources to meet unlimited wants. Scarcity. A situation in which a good or service is unavailable. Shortage. Any human-made resource that is used to create other goods and services. Capital.

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all human made goods that are used to produce other goods and services tools and buildings

All human-made goods that are used to produce other goods and services; tools and buildings

Physical capital

the skills and knowledge gained by a worker through education and experience

The skills and knowledge gained by a worker through education and experience

Human capital

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Economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services

Traditional economy

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Economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets

Market economy

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Economic system in which the central government makes all decisions on the production and consumption of goods and services

Centrally planned economy

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Economic system in which the central authority is in command of the economy; a centrally planned economy

Command economy

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A social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society

Socialism

communism

A political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government

communism

the doctrine that states that government generally should not intervene in the marketplace

The doctrine that states that government generally should not intervene in the marketplace

Laissez faire

property owned by individuals or companies not by the government of the people as a whole

Property owned by individuals or companies, not by the government of the people as a whole

Private property

consumers buy more of a good when its prince decreases and less when its price increases

Consumers buy more of a good when its prince decreases and less when its price increases

Law of demand

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A level of production in which the marginal product of labor increases as the number of workers increases

Increasing marginal returns

situation in which quantity supplied is greater than quantity demanded also known as excess supply

Situation in which quantity supplied is greater than quantity demanded; also known as excess supply

surplus

situation in which quantity demanded is greater than quantity supplied also known as excess demand

Situation in which quantity demanded is greater than quantity supplied; also known as excess demand

shortage

a partnership agreement

A partnership agreement

Articles of partnership

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Act ordering common ownership interests, profit and loss sharing, and shared management responsibilities in a partnership

Uniform Partnership Act (UPA

partnership in which partners share equally in both responsibility and liability

Partnership in which partners share equally in both responsibility and liability

General paartnership

corporation that issues stock to only a few people often family members

Corporation that issues stock to only a few people, often family members

Closely held corporation

the combination of two or more firms competing in the same market with the same good or service

The combination of two or more firms competing in the same market with the same good or service

Horizontal merger

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The combination of two or more firms involved in the difference stages of producing the same good or service

Vertical merger

large corporation that produces and sells its goods and services throughout the world

Large corporation that produces and sells its goods and services throughout the world

Multinational corporation (MNC)