Absolute Advantage - Producing something efficiently , Opportunity Cost - Next best thing , Comparative Advantage - lower opportunity cost , Fallacy of composition - Not good for all , Shortage - Low on supply, Quantity demanded - How much you want , Surplus - More than enough , Recession - Economic down turn , Positive statement - Having proof , Capital - Farming equipment , Scarcity - No enough resources , Transfer payment - Comes from the government , Substitute good - Coke and pepsi, Complementary goods - Peanut butter and jelly , Intermediate goods - Still in production,

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