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Econ Term Macth
Cody Foster,Avery Williams,Noah Miller
| Question | Answer |
|---|---|
| durables | have a useful life of more than three years and are hard goods |
| non-durables | opposite of durables |
| goods | object that can satisfy peoples needs or wants |
| compliments | items that go along with each other ie: hamburger---------> buns |
| opportunity cost | What you give up to get something else |
| scarcity | having a limited amount of a product |
| supply | the amount of the product that is available |
| demand | how much of a product the consumers want and what they are willing to pay for it |
| surplus | having more supply than demand |
| shortage | having more demand than supply |
| capital | thee amount of money you have as start-up |
| goods | the product you want to sell |
| services | mowing the lawn and washing a car are all... |
| producer | the person that distributes the goods |
| consumer | the person that buys goods |
| household | a term for one family (mom,dad,bro,sis,etc..) |
| ethics | what morally correct in the business place |
| incentive | what you get for what you give |
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