Economics
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| Economics | The study of choice making concerning spending, producing, and saving; MONEY MATTERS
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| Scarcity | Not as many goods available as people would like
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| Goods | Things made by people or found in nature
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| Services | Work that does not result in something that you can touch or hold
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| Choice | A decision about something
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| Consumer | One who buys
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| Supply | Amount of something, and the willingness or ability to sell certain goods or services
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| Needs | Something that is necessary for humans to live a healthy life
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| Competition | Rivalry or challenge between businesses
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| Profit | The EXTRA money a business keeps AFTER paying its costs
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| Interdependence | The dependence on others for goods or services. At least two parties relying on each other
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| Raw Material | Natural resources from which useful things can be produced
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| Renewable Resources | A natural resource which can be replaces by man or nature (tree, water)
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| Non-Renewable Resources | A natural resource which cannot be replaced (oil, coal)
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| Demand | The willingness to buy certain goods or services
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| Price | The amount that a good or service costs
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| Import | To bring something INTO the country
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| Export | To send something OUT of the country
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| Wages | Payment received for work or services (usually based on an hourly payment)
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| Natural Resource | Things that come from the Earth
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| Tariff | A tax on imported goods
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| Income | The amount of money one earns from his/her job
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Created by:
cregan05
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