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Tong AP Micro Wilson

Tong AP Microeconomics Summer Evan Wilson

QuestionAnswer
Scarcity An economic problem in which human wants and needs exceed the amount of resources available for use.
Opportunity Cost Opportunity Cost is essentially the benefit that is given up when someone chooses something over another.
Capital A form of wealth that can be used to produce, sell, and buy goods and services.
Supply The amount of a good available for distribution to consumers.
Demand The desire felt by a consumer to obtain a particular good or service.
Market A situation in which multiple parties compete with one another to distribute a particular good or service to an audience of consumers.
Competition A situation between participants in a market that results from each individual party attempting to sell their own good or service over another party's.
Needs Something that is an absolute necessity for a consumer to live a healthy life.
Wants Anything that is not a necessity for a healthy life, but is still desired by a consumer.
Goods A tangible product that can be used to satisfy the wants or needs of a consumer.
Services The intangible equivalent of a good.
Consumers Something that attempts to satisfy their wants and needs by buying goods and services and participating in an economic system.
Budget A financial plan that person makes in order to distribute their income so that they can satisfy all of the needs and as many wants as possible.
Profit The amount of money earned by a distributor after the total cost of production is subtracted from the total revenue.
Cost An amount that has to be paid or given up in order to get something.
Created by: EvanWilson95
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