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Terms in this set (15)
the study of the way money, goods, and services are made and used in society
a product or a thing that is real and is used by consumers; things that can be made or grown (ex: food, clothes, furniture)
work which does not result in a product. (teachers, doctors, firemen) In the U.S. more people produce services than goods.
the amount paid for a good, service, or resource
the amount of money left after all the costs of running a business have been subtracted from all the money earned
a lack of supplies occuring because wants are greater than resources
ones who purchase or use goods or services offered by another
People who use resources to make goods and/or services
people working to produce goods and services (ex: shipbuilders, farmers, traders, miners)
goods made by people and used to produce other goods and services (ex: machines, tools, buildings)
the items used in producing a good or a service. Natural resources are limited, so we must make good choices regarding their use. (ex: land, trees, water, salt, coal, soil)
when someone becomes an expert in one job, product, or service (ex: a farmer in Shenandoah Valley)
this is when people depend on each other for goods and services (ex: A farmer depends on a dentist to fix his teeth, but the dentist depends on the farmer to raise cattle for milk and beef)
this is when we choose between one option and another as it relates to goods and services (ex: the farmer deciding whether to buy a new tractor or a new stock trailer)
this is the option you have to give up when you make an economic choice (ex: If the farmer decides to get the tractor, the stock trailer becomes the opportunity cost)
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