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This happens when there are only a certain 

amount of resources to reach a long never 

ending list of peoples needs or desires.

Land: All naturally made items that are used to 

make other items.

Labor: Any effort a person takes the time to do 

a duty and that person is being paid to do it.

Capital: Any human-made item that is used to 

make other items.

Are all the alternatives that we give up 

whenever we choose one course of action over 

others.

1.) What goods and services should be made?

2.) How should these goods and services be 

made?

3.)Who takes in these goods and services?

One economic goal that I have is Economic security and economic 

equity. Economic Security because being able to provide a safety net for 

the people who struggle with making payments on time and are in an 

economic disaster. Economic equity is making everyone equal to each 

other. Instead of having one person with millions and one homeless, you 

can split it up into a fair share of wealth among everyone.

A fundamental reason of free enterprise system 

is to give consumers the freedom to make their 

own economic choices.

An economic side effect of a good or service 

that generates benefits or costs to someone 

other then the person deciding how much to 

produce or consume.

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