Flashcard Set Preview
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Economics
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The study of how people make choices from limited resources (because of scarcity) to meet their...
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Scarcity
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The condition of not being able to have all the goods and services that we want
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choice
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What someone must make faced with two or more alternatives
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Need
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Something we have to have in oder to survive
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Want
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Something we would like to have , but is not necessary for survival
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Goods
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Objects that can be held or touch that can satisfy people's wants.
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Services
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Activites that can satsify people's wants ( painting service, lawn mowing, ect)
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Opportunity Coast
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The next best alternative that must be given up when a choice is made
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Factors of Production
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Resourcessed by businessess to produce goods and ser vices. Below are the three main factors...
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Entrepreneur
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A person/ group who combines the factors of production listed above to create new businesses...
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Consumers
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People whose needs wants are satisfied by using goods and services
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Demond
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How much consumers (people) are willing and able to buy at all possible prices
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Supply
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The number of goods services available
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Equalilibrium Price
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The price at which the quantity demanded equals the quantity supplied
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Shortages
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When the quantity demanded is more than the quanity supplied of a good or service
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