Money Matters Unit 1 Test Review
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| Resources | Supplies of value for production
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| Consumer | Those who buy or use goods and services are a ...
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| Goods | Items that are produced, sold, and bought by consumers
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| Producer | a company or individual who provides goods and services is a ...
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| Scarce | In limited quantity compared to demand
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| Service | An action completed for consumers
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| Demand | The amount of need or interest in a product or service
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| Allocate | To distribute something among those who need or want it
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| Value | The worth of an item in consideration with goods services, or money
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| Nonrenewable Resource | A resource that, once used, is no longer available
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| Renewable Resource | A resource that can be replenished after use
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| Scarcity | The idea that all resources are limited and insufficient to meet unlimited wants and needs
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| Limited | Restricted within boundaries
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| Factors of production | Resources needed to produce a good service
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| Needs | Goods that are necessities for survival and health
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| Wants | goods that are desired despite not being needed for survival
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| Opportunity cost | The principle that one opportunity must be given up in order to consume or produce another
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| Revenue | the total income received from an economic action
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| Profit | Income received from an economic action, minus the costs of taking the action
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| Production Cost | the total amount needed to produce a good or service
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| Production Possibility Curve | A representation of the combination of goods and services that can be produced in a situation
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| Closed economy | An economy that operates without imports or exports as part of a self-sufficient community
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| Mixed Market Economy | An economy that has some government intervention
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| Regulate | To govern by providing guides and limitations
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| Command economy | An economy in which the government determines production, prices and income
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| Traditional economy | An economy based on custom or tradition of a family or community
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| Pure market economy | An economy in which goods are produced and sold privately, with no government interaction
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| Income | the money a person earns for providing a service or selling goods
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| Ownership | The right to possess something
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| Private Property | Land or goods owned and used by a person
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| Public Property | Land or goods owned by the government
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| Competition | What happens when two or more parties seek the same prize or benefit
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| Restrict | To create limits
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| Free enterprise | An economic system in which there are minimal restrictions on business ownereship and activity
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