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Economics vocab p. 1

economics a social science that studies how people allocate their limited resources
needs things that are required for survival
wants luxury items that are not required for survival
scarcity resources are limited, needs and wants are unlimited (this is the reason for economics)
goods something that people need or want, can be touched
services work provided for another, including information
consumer somebody who buys goods or services
opportunity cost the cost of the next best alternative use of time, money, or resources
incentives rewards for making a certain choice, or punishment for making a different choice
demand The level of desire or need that exists for particular goods and services
supply The quantity of a type of goods or services available in a market at a given time
interest an extra charge made for a loan
consumable goods things that are able to be used up or discarded after use
durable goods long-lasting products, for example cars or appliances
market the whole area of economic activity, where buyers are in contact with sellers, and in which the laws of supply and demand operate
surplus extra goods than are not sold
shortage not enough goods to satisfy the demand
Created by: kmcmakenmarsh