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Basic Economic

Vocabulary

QuestionAnswer
Goods is a physical items such as food, clothing, cars, and houses.
Services is a activities people do for a fee. Some examples of services are car repairs, house painting, and concerts.
A consumer is a person who satisfies a want or a need by buying a good or service.
A Producer is a person or business who uses resources to make goods or provide services.
A natural resource is a gift of nature, part of the natural environment such as water, trees, or minerals.
Human resources are the people who produce the goods and provide the services.
Capital resources are the money and property—factories, tools, bridges, machines, and other items used to produce goods and services.
Scarcity it means that people need and want more than the available resources can provide.
Opportunity cost is the value of your second choice,the next best alternative.
The supply is the quantity of a good or service offered for sale.
The demand is the quantity of a good or service consumers are willing and able to buy.
A profit is the amount left after costs are subtracted from the price.
Every economy functions by answering the four basic economic questions: (1) what to produce, (2) how to produce, (3) how much to produce, and (4) for whom to produce.
This decision answered the economic question of what to produce
When all these plans are complete, the group has decided how to produce
The economic concept of scarcity affects their decision of how much to produce
who they are producing for they need to know more about the consumers.
Traditional economy customs,habits, and beliefs determine how the four. basic economic questions are answered.
Command economy is the government controls the economy and answers the four basic economic questions.
Market economy individuals answer the four basic economic questions based on supply and demand.
Created by: Menew13
 

 



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