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12 terms

Economics

Terms for Quiz
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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)