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Tong AP Microecon. S
Marci Nakamura
Question | Answer |
---|---|
Scarcity | Lack of food, money or other kinds of resources. |
Opportunity Cost | When one alternative is chosen over another there is a sacrifice. |
Capital | Assets or wealth owned by a person that is given to a person to start their own company or to make investments |
Supply | The amount of goods/services provided based on the need of others. |
Demand | The need of goods/services affects how much people should supply. |
Market | An area where people trade/buy others goods. |
Competition | A "batlle" between two opposing parties who must try and beat their competitor. |
Needs | Something that is essential; you can't live without. |
Wants | The desire to have something; you can live without. |
Goods | Products produced from people to sell. |
Services | Helping or working for someone. |
Consumers | People who purchase goods/services. |
Budget | An amount of money available for purchases. |
Profit | Sold price of an item subtracted from the cost of an item. |
Cost | The amount paid for an item. |