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EPF Mod 1 Vocab

Module 1 Vocabulary

TermDefinition
Competition A rivalry between two or more businesses trying to sell products to the same customer or market
Demand Refers to how much (quantity) of a product or service is desired by buyers
Economics The study of how individuals and societies make decisions about production and consumption of goods and services
Elasticity Refers to how much the demand for an item changes based on a change in the price of that item Prices are considered to be elastic or inelastic
Entrepreneur A person who uses their ideas and takes risks in order to create a new business
Entrepreneurship - One of the factors of production that involves taking the actions and risks necessary to produce a new product or business
Equilibrium The price at which quantity demanded meets quantity supplied
Exhaustible A natural resource that is irreplaceable; when it’s used up it cannot be replaced
Externalities A side effect of an action that affects a third party other than the buyer or seller
Factors of Production The human, natural, and capital resources that are used to produce a product or service goods things that we consume to satisfy our wants and needs
Goods Products
Incentives An action or reward that motivates one to act a certain way
Inelastic The item is considered a necessity, so a price change does not significantly affect the demand of the item
Inflation An increase in the overall level of prices for goods
Marginal Benefit The satisfaction that one receives from one more unit of a good or service
Marginal Cost The additional effort or price of producing or using one more unit of a good or service.
Money Anything that is generally accepted as payment for goods and services
Needs Things that you must have to survive
Opportunity Cost The benefits you could have received by performing an alternative action to the one you chose to do
Created by: bmparsons79