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OMC - SS - Econ 3

Oak Manor Center - Social Studies - Econ List 3

QuestionAnswer
Benefits Something good or of positive value to someone when making a choice or decision.
Consumer People who buy and/or use goods and services
Distribution The delivery or movement of goods or services from producers to consumers
Economic Wants Things people like or desire that can be satisfied consuming a good, service or leisure activities
Imports The goods and services that consumers buy from sellers in other nations.
Exports The goods and services in one nation sell to buyers in other nations.
Individual Ownership A business owned and managed by one person who assumes all of the risk of loss and gets all of the profit.
Interdependence What occurs when people and nations depend on When you rely on one another to provide the goods and services they want
Surplus Having more goods, services, or resources available than you want.
Specialization When people produce only some of the goods and services they consume, then trade with others to get more of the things they want.
Interest The money earned on the money saved, or the money paid to use a credit card or take out a loan.
Market Economy An economic system based on the interaction of supply and demand in markets to determine prices
Opportunity Cost The next most valuable alternative you give up when you make a choice or decision.
Productivity The measure of how many goods or services that are produced by each worker.
Created by: aaquila
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