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Economics vocab p. 1
| Question | Answer |
|---|---|
| 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
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