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scarcity supplies for the factors of productions are limited, choices in regard to how to use them must be made
opportunity cost true cost of something is what you give up to get it. includes: money spent in buying and the economic benefits.
capital money or assets put to economic use, something owned which provides ongoing services.
supply total quantity of a good or service that is available for purchase at a given price.
demand want or desire to obtain a good or service with the necessary goods, services, or financial instruments necessary to make a transaction for them
market any place where the sellers of a particular good or service can meet with the buyers where there is potential for a transaction to take place
competition separate sellers on a market attempting to release a good or service for the best price while still earning a profit
needs a necessity
wants unnecessary desires
goods tangible merchandise that is sold
services activities done for others for a cost
consumers individuals or households that purchase goods or services
budget procedure to determine how much public spending there should be in the year ahead
profit is the reward for risk taken by enterprise, what is left after all other costs, a firm’s total revenue minus total cost.
cost value of money that has been used to produce a good or service
Created by: tristynw



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