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Terms for Quiz

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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