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Cards In This Set
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Economics is concerned with
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Allocation of limited resources among unlimited wants
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Scarce resources are resources
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That we pay a price for them
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Land includes
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The land and all the natural resources on the land and under the land
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Capital in economics mean
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Only physical tools of production
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Which is part of the capital in economics
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A calculator owned by a student
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U.s. economy is a
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Mixed economy
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Price paid to entrepreneur(企業家) is called
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Profit
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Price paid to capital is called
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Interest
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Economic resource are
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Labor, land, capital and entrepreneur
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Adam Smith was
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The founding father of the free market system
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PPF shows
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The maximum amount of different goods and services that a country can produce using its limited resources
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A point to the right of PPF IS
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The maximum amount of different goods and services that a country can produce using its limited resources
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A point to the right of ppf is
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Not feasible
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A point inside ppf is
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Is efficient and feasible
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The slope(斜面) of the ppf at any point represents the
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Relative price of the two goods presented by ppf
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