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Beginning Economics

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Description
Term
another word for business   commerce  
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to trade without using money   barter  
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an easy medium of exchange that represents value   money  
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the money used to start a business   capital  
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willing and able to sell at a given price   supply  
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willing and able to purchase at a given price   demand  
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things upon which your life, health and safety depend   needs  
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things for which you desire or wish but life, health, and safety don't depend   wants  
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things you need and want   goods  
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things done for you to meet your needs   services  
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businesses that grow or make goods   producers  
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businesses that buy goods from producers and sell them to consumers   suppliers  
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the people who buy goods and services   consumers  
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a place where things are bought and sold   market  
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prices of products when suppliers sell to suppliers   wholesale  
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prices of products when suppliers sell to consumers   retail  
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a plan for how money will be spent and earned   budget  
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money that is spent   expenses  
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money that is earned   income  
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the amount of money earned before taxes and other deductions are taken out   gross  
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the amount of money earned before taxes and other deductions are subtracted   net  
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money paid to governments   taxes  
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the money left over after all the expenses in a business are paid   profit  
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the balance when more money is spent than is earned   deficit  
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to set aside or accumulate money for needs or wants in the future   save  
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the ability to obtain goods, services or money now in return for a promise to pay at some later date   credit  
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a good sold and brought from another country   import  
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a good sold to and sent to another country   export  
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any substance which has economic vaue. It could be crops, natural vegetation, livestock, wildlife, minerals or landforms.   natural resource  
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not using a resource at all, or leaving it alone   preservation  
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using resources wisely   conservation  
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limited resources with unlimited needs and wants   scarcity  
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a national plan for the production and distribution of wealth   economic system  
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an economic system where the consumers make all economic decisions   market economy  
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an economic system where the government makes all economic decisions   command economy  
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a kind of command economy where a one-party government representing the poor, working class people, owns all businesses and takes away the wealth of the rich and distributes it among the poor   communism  
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a kind of market economy where people make economic decisions for their own benefit, pay lower taxes, and keep more of the money they earn for themselves   capitalism  
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a kind of market economy where people make economic decisions together for the benefit of everyone, pay higher taxes, and receive more government services   socialism  
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Created by: lizkin
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