Economic Words
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Want | Things people would like to have but can live without
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| Need | Things that people must have in order to survive
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| Barter | A type of trade in which individuals exchange goods and services instead of using money
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| Goods | Anything that can be grown or manufactured
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| Services | Something that a person does in exchange for money or value
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| Consumer | Someone who uses goods or services
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| Producer | Individual or group of people who creates or manufactures a good or service through physical or mental effort
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| Production | *Combining rescorces to make G and S
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| Consumption | *Using G and S
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| Distribution | 1. Allocation of wealth
2.Movement of goods
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| Factors of Production | Land,Labor,Capital and Entrepreneurship
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| Land | Natural Rescorces
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| Labor | Represents the huoman capital avalible to make raw stuff into G's
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| Capital | Money and physical assets
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| Scarcity | A limited supply of rescorces in comparison to unlimited wants/needs
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| Supply | The amount of a product that is avalible to consumers
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| Demand | The amount of a G or S that we are willing/able to buy
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| Law of supply | Businesses will provide more products when they can sell them at higher prices.
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| Law of Demand | We want more when we can buy it for lower prices
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| Market Price | THe price that satisfies both producers for profit snd consumers for value
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| Choice | Selecting from a set of alterinaves
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| Opportuniy Cost | What you give up when you make a choice/ The OTHER thing that you didnt choose
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| Equilibrium Price | The market price at which the supply of an item equals the quantiy demanded
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| Surplus | To much of something. Can cause price drop(clearance)
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| Entrepreneur | Inventor/Person with ideas Someone that creates a busniss out of raw. Take the risk
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Created by:
gintcat
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