25 terms

Economics

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Economics
study of how people use their limited resources to satisfy their unlimited wants
Opportunity Cost
the next best choice given up by a decision
Demand
when consumers wish to purchase a product
Entrepreneurship
bringing together the different ingredients that go into making a product
Division of Labor
the breaking down of a job into separate tasks
Supply
the amount of product available to consumers
Capital Goods
goods used to make other goods and services
Producer
a person or business that supplies goods and services
Market Economy
an economy where producers and consumers decide how resources will be used
Competition
occurs when several producers make the same product
Services
activities that people do for others
Scarcity
people do not have enough resources to satisfy their wants
Goods
all the objects people make and use
Productive Resources
ingreidients that go into making goods and services
Specialization
making only a few goods and trading with others to satisfy other wants
Consumers
people and businesses that buy and use goods and services
Interdependence
when one industry depends on the work of another
Production
the act of making products
Consumption
the purchase of goods and services
Market Clearing Price
the price of a goods or a service at which quantity supply is equal to quantity demands
Private Sector
the part of the economy run by private individuals or groups; not controlled by state
Public Sector
government service like police,military,educations,transit,etc.
Global Trade
the exchange of capital, goods, or services across the international borders
Human Resources
individuals who make up the workforce of an organization, business sector or an economy
Natural Resources
are materials that can be found within the environment
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