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23 terms

SS Economics

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economics
the science that deals with the production, distribution, and consumption of goods and services
economy
the system of economic activity (producing, consuming, spending, saving, imports, exports..)
Natural Resources
something that is found in nature and is useful to humans (land, trees, water, coal, oil)
Human Resources
any person and their abilities and skills (mental and physical)
Capital Resources
tools used to create a good or to do a service (hammer, building, computer..)
renewable resource
a natural resource that can be re-made, re-grown, or replenished
non renewable resource
a natural resource that cannot be re-made, re-grown, or replenished. You cannot get more once it is used up.
supply
how much of something is available
demand
how much of something people want
scarcity
limited resources; something you want is not easily available; there is a shortage.
wants
things you would like to have but do not need
good
something you can use
service
something someone does for you
opportunity cost
what is given up because you choose to buy or do something else
trade off
losing or giving up one thing in order to gain something else
revenue
money received from selling goods and services
taxes
money paid to the government
income
money received for producing goods or doing services (working)
specialization
focusing on producing or doing one thing very well
division of labor
dividing work into separate groups
interdependence
depending on one another for products and services
imports
goods brought in from another state or country
exports
goods sent to another state or country