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  1. 6. Something that encourages a person to take action.
  2. 8. In economics this means additional.
  3. 9. Produced goods that can be used as resources for further production.
  4. 10. Able to be felt by touch.
  5. 11. Smith Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment.
  6. 16. The branch of economics that deals with human behavior and choices as they relate to the entire economy.
  7. 17. A means for deciding who gets what portion of the available resources and goods.
  8. 18. The quality of bringing satisfaction or happiness.
  9. 19. Tasks that people pay others to perform for them.
  10. 20. Any place where people go to buy and sell goods or services.
  11. 21. The amount of money by which total cost exceeds total revenue.
  1. 1. The loss of potential gain from other alternatives when one alternative is chosen.
  2. 2. A political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
  3. 3. Consequences Actions of people or government have unanticipated effects.
  4. 4. The graphical representation of the law of demand.
  5. 5. A thing we desire to have
  6. 7. A sense of how the world works.
  7. 12. A situation in which more of one thing necessarily means less of something else.
  8. 13. The condition in which our wants are greater than the resources available.
  9. 14. The science that studies the choices of people trying to satisfy their wants in a world of scarcity.
  10. 15. An economics system in which government controls and may own many of the resources.
  11. 19. A financial payment made by government for certain actions.