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Key Terms
Scarcity
The fundamental problem that we have unlimited wants, but _ resources.
Factors of Production
The resources used to produce goods and services: Land, Labor, Capital, and _.
Capital (Economic)
Tools, machines, and _ used in production, NOT money.
Trade-off
Giving up one thing to _ another.
Opportunity Cost
The value of the _ best alternative given up when a choice is made.
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