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SS Ch 16 Vocab Final
FINAL
| Term | Definition |
|---|---|
| economics | study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants |
| traditional economy | an economic system in which the decisions of what, how, and for whom to produce are based on custom or habit |
| market economy | an economic system in which individuals and businesses own all resources and make economc decisions on the basis of price |
| command economy | an economic system in which the gov makes the major economic decisions |
| mixed market economy | market economy that has elements of command and tradition |
| resource | a thing that can be used- natural resources, labor, capital, to make goods or services |
| scarcity | situation of not having enough resources to satisfy all one's wants |
| trade-off | alternative you face when you decide to do one thing rather than another |
| opportunity cost | cost of the next-best use of time or money when choosing to do one thing or anotehr |
| fixed cost | an expense that does not change no matter how much a business produces |
| total cost | combination of all fixed and variable costs |
| consumer | person who buys goods and services |
| producer | person or business that provides goods and services |
| demand | amount of a good or service that consumers are willing and able to buy over a range of prices |
| supply | amount of a good or service that producers are willing and able to sell over a range of prices |
| competition | efforts by different businesses to sell the same good or service |
Created by:
2018grellerj
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