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Economics

TermDefinition
scarcity limited quantities of resources to meet unlimited wants
trade-off the act of giving up one benefit in order to gain another benefit
opportunity cost the most desirable alternative given up as the result of a decision
supply the quantity of something that producers have available for sale
demand the quantity of a good or service that consumers are willing and able to buy
market buyers and sellers of a particular good or service
equilibrium price the price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy
goods physical objects such as clothes or shoes that are produced
services actions or activities that one person performs for another
import goods or services brought into a country from abroad for trade
export goods or services sent out of a country for trade
specialization the development of skills in a specific kind of work
market demand the demand by all the consumers of a given good or service
industry processing of raw materials and manufacture of goods in factories
macroeconomics the study of the economy as a whole and is concerned with large-scale economic activity
microeconomics the study of the economic behavior and decision making of small units, such as individuals, families, and businesses
equilibrium price the price at which the quantity demanded equals the quantity supplied
commercial having to do with business or trade
consumers buyers of a good or service
producers a person, company, or country that makes, grows, or supplies goods or services for trade
currency money
free enterprise a type of economy in which people are free to buy, sell, and produce whatever they want
raw materials natural products used in production
natural resources materials such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain
Popular Economics sets

 

 



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