Economics

Created by gravelyn 

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12 terms

scarcity

not enough

natural resources

things in nature that people see as useful

human resources

workers and their skills

capital resources

things that are used to produce more goods and services

opportunity cost

when you make a choice, it is the second thing you wanted most

producer

someone who makes goods and services

consumer

someone who buys goods and services

market economy

the kind of economic system we have in our country

demand

consumers' willingness and ability to purchase a good or service

supply

the amount of a product or service that is available for consumers to buy

competition

when businesses sell the same good or service

exchange

trading goods and services with others for other goods and services or for money

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