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Terms in this set (15)
Study of how societies decide what to produce, how to produce it, and how to distribute what they produce.
A person who purchases goods and services for personal use.
Amount of goods producers are willing to make and sell.
Amount of goods and services people are willing to buy.
Items purchased to satisfy needs and wants.
Actions or activities one person performs for another.
A good, service or idea.
A person who starts up and takes on the risk of a business.
Cost that does not change, regardless of how much of a good is produced.
Cost that rises or falls depending on how much is produced.
A market in which there are many buyers but only one seller.
A few sellers dominate a market (tobacco, gas, cars).
Making a choice to give up one thing in order to get something else.
Goods that are a completion of one another; ex peanut butter and jelly, body wash and a loofah
Goods that can be used in place of other goods (Colgate/Crest, Toyota/Honda)
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