Essential Economic Terms
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| Economics | the study of how people choose to use their limited resources to satisfy unlimited wants
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| Capital | a term used for things that produce income
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| Resources | anything that can be used to produce something else
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| Market | a medium that allows buyers and sellers of a specific good or service to come together for an exchange
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| Incentive | something that provokes an action or greater effort, as a reward for increased productivity
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| Monopoly | a market containing a single firm that has or s close to total control of the sector
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| Marginal Decisions | decisions based on whether to do a bit more or less of of something. (not "either or" but "how much")
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| Opportunity Costs | a benefit that a person could have received but gave up to take another course of action
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| Comparative Advantage | a situation that arises when one person or company can perform a task at a lower opportunity cost than someone else is able to perform the same task
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| Specialization | being very good or even excellent at a particular thing or task
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| Interdependence | the condition of being mutually dependent on each other
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| Profit | the bottom line, the amount of income that remains after accounting for expenses, debts and operating costs
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| Trade-Off | when you compare the costs with the benefits of doing something
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| Supply | the amount of good or service that producers are willing and able to offer at a particular price
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| Subsidy | a cash payment aimed at helping a producer to continue to operate
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| Demand | the quantity of a good or service that consumers are both willing and able to buy
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| Excise Tax | a tax imposed on some goods, especially luxury items, which adds to the production costs of every unit produced
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| Individual Choice | the decision made by an individual of what to do, which necessarily involves a decision of what not to do
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| Producer Goods | materials and parts businesses use to make products and services to sell
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| Consumer Goods | finished products made and sold by businesses
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| Market Cap | the total value of a company's shares of stocks. (price per stock x number of outstanding shares)
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| Federal Reserve | the central banking system of the United States of America
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| Gross Domestic Product/GDP | the monetary value of all the finished goods and services produced within a country's borders in a specific time period
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| Unemployment | when a person who is actively looking for employment is unable to find work
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| Tariff | a tax imposed on imports or exports. These are usually imposed to restrict trade
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| Deflation | when prices of goods and services fall and people can purchase more good with limited money (high dollar value)
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| Inflation | when the prices of goods and services get a boost which decreases the buying power of the money (low dollar value)
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| Entrepreneurship | the process of designing, launching and running a new business
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