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Core Concepts 5.1-3

Mrs. P's Social Studies Vocab

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
Created by: jprevost5



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