Economics
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Created by:
tesselations on April 19, 2012
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12 terms
Terms | Definitions |
|---|---|
 Economic System | the way a society organizes the production, consumption, and distribution of goods and services |
| Market | a system in which buyers and sellers exchange goods and services, resources, currencies, and so on |
| Resources | things used by producers to make goods and services |
| Goods | objects that satisfy people's wants |
| Services | intangible activities that satisfy people's wants |
| Scarcity | the basic economic problem that occurs when economic wants are greater than the resources available to satisfy them (there is not enough) |
| Alternatives | options among which to make choices (what your choices are ) |
| Criteria | standards or measures of value that people use to evaluate what is most important |
| Trade-off | giving up some of one thing to get some of another thing |
| Supply | a schedule of how much producers are willing and able to produce and sell at all possible prices during some time period |
| Demand | a schedule of how much consumers are willing and able to buy at all possible prices during some period of time |
| Surplus | the situation when the quantity supplied exceeds the quantity demanded of a good, service or resource (there is extra) |
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