Economics Terms

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Economics

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the study of the production, distribution, and consumption of goods and services

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production

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The process of making goods and services

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Distribution

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the process of dividing goods and services

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consumption

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using goods and services

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resource

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anything that can be used to produce something else

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allocation

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distribution

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Efficiency

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the quality of doing sth well with no waste of time or money

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Scarcity

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a situation when there are not enough resources

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needs

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things that are required in order to live

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wants

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things that add comfort and pleasure to your life