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Week !4 Economics

TermDefinition
scarcity We have limited resources but unlimited wants ex: land, water, time
Need something you need to survive ex: food, shelter, water, air, clothes please
Want something you desire to have but don't need to live ex: a new bathroom, new counter tops, trip to New Zealand
opportunity cost the best alternative you miss out on when you make choice (ex: if you work you miss out on friends)
trade off get something but have to give up something
Demand To desire something and be able to pay for it.
import to bring goods into a country
export to send goods out of a country
self-interest an individual's own personal gain
Income Money coming in for a person or into a business.
Supply Amount of goods available.
Demand How many people want the goods and what they are willing to pay for them.
Consequence The consequences of something are the results or effects of it.
economic Economic means concerned with the organization of the money, industry, and trade of a country, region, or society.
Opportunity Cost Making a choice, the cost of what you gave up.
Personal economic choice How economic choices affect you personally.
Collective economic choice Economic choices affect a group or a society.
Values Ways that you believe
Priorities Things that are most important to you
Created by: MsKnauss
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