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Econ
part 1
Term | Definition |
---|---|
Scarcity | The inability to satisfy all wants at the same time |
Resources | Factors of production that are used in the production of goods & services |
Choice | Selecting an item or action from a set of possible alternatives. |
Opportunity Cost | The highest valued alternative forgone. (what is given up when a choice is made) |
Price | Amount of money exchanged for a good or service. |
Incentives | Things that incite or motivate and are used to change economic behavior |
Supply | The amount of a good or service that producers are willing and able to sell at a certain price. |
Demand | Amount of a good or service that consumers are willing and able to buy at a certain price. |