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economics
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study of how to allocate scarce resources among competing goods
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scarcity
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unlimited desire for goods and services exceeds our limited ability to produce them due to constraints on time and resources
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positive economics
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describes the way things are
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normative economics
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addresses the way things should be
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resources
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inputs or facts of production
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labor
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the physical and mental effort of people
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human capital
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knowledge and skills acquired through training and experience
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entrepreneurship
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the ability to identify opportunities and organize production, and the willingness to accept risk in the pursuit of rewards
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natural resources/land
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any productive resource existing in nature
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capital
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manufactured goods that can be used in the production process
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opportunity cost
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the value of the best alternative sacrificed as compared to what actually takes place
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production possibilities frontier
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