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Civics Final Exam

Occurs when ever we do not have enough resources to produce all the things we would like to have. Scarcity
3 basic economic questions how to produce? what to produce? For whom to produce?
The cost of the next best use of your time of money when you choose to do one thing, rather than the other Opportunity cost
supply, demand, and prices help people make decisions and locate resources Market Ecomomy
We rely on others and others rely on us, to provide the goods and services that we consume Economic Interdependence
4 factors of production natural resources(land), labor(people), capital(tools), entrepreneurs(risk taker).
Total value , in dollars, of all the final goods and services produce in a country during a single year Gross Domestic Product
Quality of life base on the possession of necessities and luxuries that make life easier Standard of Living
A measure of the amount of output produced by a given amount of putput produced by a amount of inputs in a specific period of time Productivity
Focusing on producing one product or service that maximizes your talents Specialization
Advantages of competition lower prices,higher quality products, consumer satisfaction
List of all possible prices and quantity demanded Demand scedule
graphical representations of demand of the demand scedule Demand curve
prices go up. quantity demand decreases. as prices go down, quantity demand increases. Law of demand
list of all possible prices and quantity supplies Supply Scedule
Graphical representation of the supply schedule Supply curve
movement of entire supply curve for a reasons other thanprice Change in supply
As the prices people are willing to pay supply increases as prices people are willing to pay decreases, supply decreases Law of supply
Large amount of product left over because a price occurs above equilibrium Surplus
no product left over b/c prices below equilibrium Shortage
Price established where supply and demand meet with no surplus and no shortage Equilibrium Price