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Chapter 5.1


economics study of how people meet their wants and needs
supply amount of goods or service that is available for use
scarcity having a limited quantity of resources to meet unlimited wants
producer people or businesses that make and sell products
opportunity cost cost of what you give up when you make a choice
consumer people or businesses that buy (or consume) products
demand desire for a certain good or service
incentive factor that encourages people to act in a certain way (ex. money)
marginal cost cost of making one more unit of a product (sets the minimum price for a product)
factors of production the resources people use to make goods and services
three main factors of production land, labor and capital
market clearing price (market price) price in which demand equals supply
What happens to demand when the price of a product goes up? demand will decrease (people will want less of it)
What happens to supply when the price of a product goes up? supply will increase (companies will make more of it)
Created by: henrichfamily



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