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Terms: choices, consumption, economic fairness, economic growth, limited resources, opportunity cost, productivity, scarcity, stability, unlimited wants. Answers will vary.
- Choices: Decisions made by individuals or groups about using limited resources to satisfy needs and wants.
- Consumption: The using up of goods and services by consumers to satisfy their economic wants.
- Economic fairness: An equitable distribution of resources and opportunities, though its precise meaning varies by system.
- Economic growth: An increase in an economy's production of goods and services over time, often measured by rising real GDP.
- Limited resources: Finite natural, human, and capital inputs available to produce goods and services.
- Opportunity cost: The value of the next best alternative given up when making a choice.
- Productivity: The amount of output (goods/services) produced per unit of input (labor, capital, etc.).
- Scarcity: The fundamental economic problem of having unlimited wants but limited resources to fulfill them.
- Stability: A condition where an economy avoids extreme fluctuations, maintaining steady prices and employment.
- Unlimited wants: The endless human desire for more goods and services beyond what resources can produce.
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