Vocabulary to help study :)
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| Economics | The study of decisions -- the study of how people meet their wants and needs.
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| Goods | Things that we can touch and/or use
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| Services | Things that someone or something does for another
Services can provide us with goods
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| Producers | People and businesses that sell/make goods or services
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| Consumers | People who use or buy those goods or services given by a producer
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| Trade | The exchange of goods/services
Typically with money
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| Barter | Trading without money
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| Market | An organized way for producers and consumers to trade goods/services
Typically involves cash but not always
Can be digital
i.e supermarket
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| Who | Who a product is meant for, who the target audience is
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| How Many | How many of the product should be produced
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| How | How will this product be made and sold(from the factory to the store or home)
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| What | What a company should produce or provide (based off of wants and needs)
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| Factors of Production | the resources producers use to make and sell the things consumers want and need
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| Land | Natural resources
Not man made
Includes both renewable and nonrenewable things
I.e metals, oils
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| Labor | Human effort to produce things, people who are payed to do a certain job
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| Capital | Man-Made resources
Any tool, machine or man-made item that helps us do something
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| Entrepreneurship | Starting a new business
People who take the risk and put all the factors of production together
Similar to labor but different
I.e Mark Zuckerberg
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| Supply | the amount of a good or service that is available, large supply means there is a lot
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| Demand | The want or desire for certain goods or services
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| Supply and Demand | If you have a low supply and high demand, producers will make the price higher and make more of the good or service.
If there is a large supply but low demand, producers will decrease the price and make less of the good
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| Scarcity | Limited resources to meet unlimited wants and needs
There is a scarcity of water in a desert
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| Opportunity cost | What you gave up when making an opportunity
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| incentive | a factor encouraging people to act a certain way
money: to work a job
good grades: to study
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