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Tong AP Micro CYoung

Tong AP Microeconomics Summer C.Young

QuestionAnswer
scarcity The insufficient amount or supply of resources that occurs when demand is high.
opportunity cost What a consumer gives up in order to get something else.
capital The accumulation of wealth made in business by one or more persons.
supply The total amount of a product or service there is to buy.
demand The amount of a product or service consumers want and can buy.
market Where multiple sellers and consumers gather to sell and buy goods.
competition When different firms sell the same product or good. When there is competition, prices are lower.
needs Things a consumer needs in order to survive such as food.
wants Things a consumer does not absolutely need to live a healthy life.
goods Any tangible item that is sold to consumers to fulfil thiers wants and/or needs.
services Activities or work sold to consumers. Intangible.
consumers One or more people who buy services and goods to satiate their wants and needs.
budget The limit a person puts on how much they want to spend of their income in order to fulfil their wants and needs.
profit The amount of money a person or business makes after they subtract the cost of expenses from the total amount of money they made.
cost The amount a consumer uses to get a service or good.
Created by: csummermmy
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