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Economics

Vocabulary

TermDefinition
price incentive benefit given to get someone to take a certain action / affects people's buying choices
specialization an efficient way to work and can help the cost of items produced to lower, more profitable (workers and companies make more $, leading to better lives)
scarcity not having enough of something, a lack of supply
trade/barter when people voluntarily exchange goods with other people, this voluntary exchange helps both the buyer and the seller
opportunity cost the value of what is given up when a choice is made
profit money that is made in a business, through investing, etc. / after all the costs and expenses are paid / a financial gain
price the amount of money exchanged for a good or service / determines who buys goods and services
incentive benefit given to get someone to take a certain action
price incentive affect people's buying behavior, example: buy 1 pizza, get 1 free
supply and demand If the supply of something is low and the demand is high then the price goes up, on the flip side, if the supply of something is high and the demand is low, the price will go down
Colonial Choices ~ price incentives decisions on what crops to grow were based on which ones would make them the most money - in the Southern Region crops like Indigo, Tobacco and Rice sold well, the extra money profited was an incentive for colonists to grow more
Colonial ~ specialization New England Colonies ~ specialized in fishing, timber and shipbuilding Mid-Atlantic Colonies ~ rich farmland so large harvest of wheat, rye and corn, raised good livestock
Colonial Trade a settler who has extra eggs could trade them for cloth at the merchant's store
Created by: cseckinger
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