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Economics
Term | Definition |
---|---|
goods | things you can touch, hold, make or grow |
services | something someone does for someone else and gets paid for it |
producers | a person who makes, grows, builds or creates a good or service |
consumer | a person who buys or uses goods or services |
market | a place where buyers and sellers exchange goods and services |
opportunity cost | the most valuable thing you give up when you make a decision or choice |
benefit | advantages as a resut of the choice or decision |
positive incentives | rewards for making certain choices |
negative incentives | consequences for making certain choices |
budget | a plan to help people make personal economic decisions to be more responsible |
savings | the part of money that you make that you do not spend on goods or services |
scarcity | not enough of a good or service |
line graph | displays data that shows changes over time |
census | population count every decade(10 years) |