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SCARCE RESOURCE: A resource with an available quantity less than its desired use. Scarce resources are also called factors of production. Scarce goods are also termed economic goods. Scarce resources are used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource is scarce because it has a limited availability in combination with a greater (potentially unlimited) productive use. It's both of these that make it scarce. In other words, even though an item is quite limited it will not be a scarce resource if it has few if any uses (think pocket lint and free good).

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Lesson 5: Demand | Unit 1: Buying Basics Page: 4 of 20

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  • Demand as the range of prices and quantities that buyers are willing and able to buy at different prices.
  • Why buyers must be both willing and able to buy a good to have a demand. Willingness is based on tastes and preferences. Ability is based on income.
  • Why demand includes a range of prices and quantities, not just a specific quantity.
  • Why demand is analyzed during a given time period.
  • Demand price as the maximum price that buyers would be willing and able to pay for a given quantity.
  • Quantity demanded as the maximum quantity buyers would be willing and able to buy at a specific price.


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GROSS NATIONAL PRODUCT

The total market value of all final goods and services produced by the citizens of an economy during a given period of time, usually one year. Gross national product, often abbreviated simply as GNP, was once the official measure of how much output the U.S. economy produced. In the early 1990s, however, it was replaced by gross domestic product (GDP).

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ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"In order to create there must be a dynamic force, and what force is more potent than love."

-- Igor Stravinsky, violinist

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Income Earned But Not Received
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