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28 terms

4th/5th - Economics

STUDY
PLAY
entrepreneur
A person who comes up with a new idea and uses resources to start a new business.
region
A geographic area united (grouped) by similar characteristics.
resource
Something that is used to produce a good or service.
capital resources
Buildings, tools, and machines that businesses use to make and sell goods and services.
human resources
People who do the work that businesses need to make and sell goods and services.
natural resources
Things that occur naturally, such as air, water, minerals and trees, that businesses need to make and sell goods and services.
goods
Items that can be bought and sold.
services
Work done for others, such as haircuts or car repairs.
expense
Costs of operating a business
revenue
Income
profit
Money left over after a business has paid for the expenses of running the business.
opportunity cost
process of choosing one good or service (what is not picked)
transportation
The process by which people and goods are moved or delivered from one place to another.
advertising
A paid form of communication sent out by a business about a product or service.
price
Exchange value of a good or service (how much it costs).
competition
When two or more businesses work against each other to make the most money.
scarcity
there are limited resources so people must make choices
interdependence
people depend on one another to complete a task
specialization
person or company specializes in doing one part of a task and relies on others to complete other parts
consumer
anyone who buys a good or service
loss
when a product sells for less than the cost to make it
taxes
money collected by the state or federal government to pay for public goods and services
barter
to trade one thing or service for another (not an exchange of money)
economics
the study of the production (making), distribution (delivery), selling, and use of goods or services
supply
an amount of a product
demand
how much an item is wanted
free enterprise OR
market economny
the system in which individuals and businesses are free to make their own economic choices
producer
anyone who makes or grows a good or performs a service

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