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Economics 1.1 Vocab
6-7 words
| Term | Definition |
|---|---|
| economics | the study of how people seek to satisfy their needs & wants by making choices |
| scarcity | the fact that limited amounts of goods & services are available to meet unlimited wants |
| shortage | when there are not enough of a good or service to meet the demand |
| need | something essential for survival |
| want | something we desire but is not critical for survival |
| goods | physical objects that someone produces |
| services | actions one person performs for another |