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Economics Unit

TermDefinition
opportunity cost the thing that you give up when you buy something
needs things that you cannot survive without (water, food, shelter, clothing)
wants things we like to have, but are not necessary to survive
producer a person who makes a good or provides a service
consumer a person who buys a good or a service
good anything you buy that you can hold or touch
service an activity you pay someone to do for you instead of doing it yourself
resource something used to produce goods and services
natural resources things made by nature that people use to create a product ex: water, lumber, etc...
human resources the people needed to produce goods and provide services ex: workers
capital resources goods that are used to make other goods or to provide services ex: machines or tools
labor the physical and mental effort used to produce goods and provide services
money anything that is accepted as final payment for goods and services
currency a country's system of money
specialization making one kind of good or providing one kind of service
interdependence depending on others to produce things that you need
deposit to put money into your bank account
withdrawal to take money out of your bank account
earning interest money that the bank pays you for letting them loan it to others
paying interest money that you pay for the privilege of borrowing money from the bank
trade exchanging one good or service for something else (usually money)
barter to trade for goods or services without using money
scarcity not having enough of something
import to bring in goods and/or services from another country
export to send goods and/or services to other countries all over the world
supply the amount of something that is available
demand the number of people who want or need something
Created by: user-1693800
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