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1. | a phrase that refers to the trade-offs that nations face when choosing whether to produce more or less military or consumer goods |
2. | the method used by a society to produce and distribute goods and services |
3. | land, labor, and capital; the three groups of resources that are used to make all goods and services |
4. | economic system that combines the free market with limited government intervention |
5. | an economic system in which investment and ownership of the means of production, distribution, and exchange of wealth is made and maintained by private individuals or corporations |
6. | economic system in which the central government makes all decision on the production and consuption of goods and services |
7. | a period of expansion followed by a period of contraction |
9. | a plan for the federal governments' revenues and spending for the coming year |
11. | the desire to own something and the ability to pay for it |
12. | the point at which quantity demanded and quantity supplied are equal |
14. | the struggle among consumers for the dollars of consumers |
16. | direct payment of money to eligible poor people |
18. | ambitious leaderr who combines land, labor, and capital to create and market new goods and services |
22. | something that is owed or that one is bound to pay to or perform for another |
24. | anything that serves as a medium of exchange, a unit of account, a store of value |