Economics - The study of scarcity and choice., Wants - Desires that can be satisfied by consuming a good or service., Needs - Basic requirements for human survival., Inputs - The specific economic resources used in producing goods and services., Outputs - The products and/or services that an organization produces., Productivity - The value of a particular product compared to the amount of labor needed to make it., Scarcity - The limited nature of society's resources., Entrepreneur - A person who starts up and takes on the risk of a business., Positive Incentive - A reward or other enticement that encourages a behavior., Negative Incentive - A penalty that discourages a behavior.,

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