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Economics 1 Terms
Term | Answer |
---|---|
good | something that you can touch or hold |
human capital | people who work in jobs to produce goods and services |
natural resource | an aspect of the physical environment that people value and use |
service | something that one person does for someone else |
quota | a proportional share assigned to a group or each member of a group to produce; a production assignment. |
demand | the number of consumers willing and able to purchase a good or service at a given price. |
supply | the quantity of resources, goods, or services that sellers offer at various prices at a particular time. |
complimentary good | goods that go together or compliment one another. |
substitute good | goods that can be used in place of each other. |