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8 terms

Economic

STUDY
PLAY
Economic Choices
decisions made by consumers based on demand of resources
Future Consequence
Result that you get after you made choice
Incentive
a positive motivational influence
opportunity cost
the cost of the next best use of time and money when choosing to do one thing or another
Voluntary trade
Trading goods and services with other people because both parties expect to benefit from the trade.
economic
using the minimum of time or resources necessary for effectiveness
factors of production
resources necessary to produce goods and services
scarcity
limited quantities of resources to meet unlimited wants