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Basics of Economics - Unit I

Name ________________________________
Date _________________
Period _______________
WORD LIST:
SCARCITY
ECONOMICS
FACTORS OF PRODUCTION
PRODUCT MARKET
FACTOR MARKET
NEED
WANT
FREE ENTERPRISE
TRADITIONAL ECONOMY
COMMAND ECONOMY
MIXED ECONOMY
MILTON FRIEDMAN
ADAM SMITH
SPECIALIZATION
INVISIBLE HAND
INCENTIVES