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Economics Unit Vocabulary

Terms in this set (34)

analyze
= to examine or think about something carefully, in order to understand it. Ex. The marketing people need to ______________ the information from the surveys.
goods
= things that are made in order to be sold. When students buy books, the books are the ________________.
services
= a particular type of help or work that is provided by a business to customers. Ex. Things like classes, car repairs, and haircuts are examples of ___________________________.
distribution
= when goods are supplied to shops and companies for them to sell. The wholesaler and bookstore are part of the ___________________.
production
= the process of making or growing things to be sold. The author and publisher are part of the ________________ of the book
consumers
= people who buy or use a product. Ex. When students buy the books, the students are the ____________________.
consumption
= the amount that people use or buy. Ex. The government is trying to _____________ fuel consumption.
rational
=thoughts or decisions based on reasons rather than emotions. Ex. Traditional economics assumes that people make _____________ decisions.
irrational
= not based on clear thought or reason. Ex. Their decision was _____________.
predictably
= when you know what will happen or what they will do. Ex. The title of Ariely's book is "_____________ Irrational."
surplus
= an amount of something that is more than what is needed or used. Ex. There was a ____________ of books, so the bookstore sent some back to the company.
demand
= the need or desire that people have for particular goods and services. Ex. If many students want a book, it is in ________________.
scarcity
= a situation in which there is not enough of something. Ex. If there are more students than there are textbooks, the _________________ could increase the price
profit
= money that you gain by selling things or doing business, after your costs have been paid. Ex. It cost $5 to make the item, and they sold it for $12 so they made a $7 _____________.
maximize
= make as big as possible. Ex. Most companies try to _____________ profits.
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