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Economics stack 1

vocabulary

QuestionAnswer
Opportunity Cost the second best choice
Choice one of several options that people pick
Economic System the set of rules governing an economy
Future Consequences the reward or "punishment" that will occur in the future as a result of economic choices made in the present
Incentives rewards
Voluntary Trade choosing to exchange one good or service for another without being coerced
Scarcity Not enough of a good or service for everyone to have some.
Abundance more of a good or service than is needed
Created by: dmillera
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