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Community/ Economy
Lesson 2 and 3
| Term | Definition |
|---|---|
| Opportunity cost | The value of the next best alternative that is given up when a choice is made. |
| Producer | A person who creates or supplies goods or services. |
| Product | A good produced and offered for sale. |
| Profit | The money that is left over after a business pays all its costs. |
| Prototype | A model or sample of a product to be produced. |
| Scarcity | A situation in which people cannot have everything they want because of limited resources. |
| Democracy | A form of government in which ultimate power lies with the people, who exercise that power directly or through elected representatives. |
| Foundation | A nonprofit organization supported by donated funds whose purpose is giving money for charitable causes. |
| Gross pay | The amount of money an employee earns before any taxes or other deductions are subtracted. |
| Net pay | The amount of money an employee receives after taxes and other deductions are taken from a paycheck. |
| Nonprofit organization | An organization developed to increase the well-being of others in certain areas, such as education, religion, health, and other good causes. |
| Philanthropy | The effort to increase the well-being of people through charitable giving. |
| Private goods and services | Merchandise and skills offered in markets for a price. |
| Public goods and services | Goods and services provided by a government for the use of all people. |
| Taxes | Payments that citizens and businesses are required to make to a government to pay for public goods and services. |
Created by:
hewittl
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