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The situation in which some necessities have little value while some non-necessities have a much higher value is known as
economic growth
become better decision makers.
capital goods
Gross Domestic Product (GDP).
financial capital.
paradox of value.
trade offs
assembly line production.
Division of labor is a characteristic of
economic growth
become better decision makers.
capital goods
Gross Domestic Product (GDP).
financial capital.
paradox of value.
trade offs
assembly line production.
The study of economics is important because it enables us to
economic growth
become better decision makers.
capital goods
Gross Domestic Product (GDP).
financial capital.
paradox of value.
trade offs
assembly line production.
What are the alternative choices made by consumers in the marketplace called?
economic growth
become better decision makers.
capital goods
Gross Domestic Product (GDP).
financial capital.
paradox of value.
trade offs
assembly line production.
Manufactured goods needed to produce other goods and services are called
economic growth
become better decision makers.
capital goods
Gross Domestic Product (GDP).
financial capital.
paradox of value.
trade offs
assembly line production.
What occurs when a nation's total output of goods and services increases over time?
economic growth
become better decision makers.
capital goods
Gross Domestic Product (GDP).
financial capital.
paradox of value.
trade offs
assembly line production.
The dollar value of all final goods and services and the most comprehensive measure of a country's total production output is
economic growth
become better decision makers.
capital goods
Gross Domestic Product (GDP).
financial capital.
paradox of value.
trade offs
assembly line production.
The money used to buy the tools and equipment needed for production is known as
economic growth
become better decision makers.
capital goods
Gross Domestic Product (GDP).
financial capital.
paradox of value.
trade offs
assembly line production.
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