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Core Concepts 5.1-3
Mrs. P's Social Studies Vocab
| Term | Definition |
|---|---|
| economics | study of how people meet their wants and needs |
| scarcity | having a limited quantity of resources to meet unlimited wants |
| opportunity cost | cost of what you have to give up when making a choice |
| demand | desire for a particular good or service |
| supply | amount of a good or service that is available for use |
| producer | person or business that makes and sells products |
| consumer | person or business that buys, or consumes products |
| incentive | factor that encourages people to behave in a certain way |
| market | organized way for producers and consumers to trade goods and services |
| profit | money a company has left over after subtracting the costs of doing business |
| revenue | money earned by selling goods and services and by taxes |
| specialization | act of concentrating on a limited number of goods and services |
| competition | struggle among producers for consumers' money |
| inflation | general increase in prices |
| recession | zero or negative economic growth for six or more month in a row |
| traditional economy | economy in which people make their economic decision based on their customs and habits |
| market economy | economy in which individual consumers and producers make all economic decisions |
| command economy | economy in which the central government makes all basic economic decisions |
| mixed economy | economy that combines elements of traditional, market, and command economic system |
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jprevost5
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