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Economics
wants
needs
scarcity
Factors of production
LAND
LABOR
Capital
Entrepreneurship
Entrepreneur
trade-off
opportunity cost
Gross Domestic Product (GDP)
Circular Flow Model
factor market
product markets
specialization
division of labor
Adam Smith
capitalism
free enterprise system
aka market economy
consumer sovereignty
private ownership of resources
competition
profit motive
Laissez-faire economics
