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Economics Study Guide

good tangible (you can touch it) products (book, car, video games)
service work that is performed for someone else (doctor, waiter)
need things required for survival
want things you would like to have
economy the way goods and services are produced and consumed
consumer someone who requires goods and services for his or her own personal review
producer someone who makes goods or offers services to others
market economy producer are free to decide what to produce and consumers are free to buy whatever they need and want
profit the financial gain received by selling something for more than it cost to make it
incentive a thing that motivates them; the idea that consumers need what they are offering
competition producers battling over who can make the most profit
innovation process of developing newer, better things constantly
supply the amount of something that is available
demand the number of consumers who want it
opportunity cost the benefit you give up by choosing to do one thing instead of another
scarcity limited amount of resource available
Why do we have to make choices? scarcity
What are the characteristics of a market economy? 1. People own the private property. 2. Open market where supply and demand determine prices. 3. Freedom of choices. 4. Self-interest motivates people. 5. Competition for profit. 6. Limited government role.
The Law of Demand: If DEMAND is up, the price is up. If DEMAND is down, the price is down. If the PRICE is up, demand goes down. If the PRICE is down, demand goes up.
The Law of Supply: If the supply is up, price is down. If supply is down, price goes up. If the price is up, supply is up (stays the same) If the PRICE is down, supply is down.
Created by: s730652



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