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Economics Flashcards Test

Enter the letter for the matching Definition
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1.
Producers
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2.
Services
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3.
Entrepreneurship
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4.
Scarcity
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5.
Goods
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6.
Economics
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7.
How Many
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8.
Trade
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9.
Consumers
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10.
Land
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11.
Who
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12.
What
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13.
How
A.
People who use or buy those goods or services given by a producer
B.
The study of decisions -- the study of how people meet their wants and needs.
C.
Natural resources Not man made Includes both renewable and nonrenewable things I.e metals, oils
D.
What a company should produce or provide (based off of wants and needs)
E.
Things that someone or something does for another Services can provide us with goods
F.
How will this product be made and sold(from the factory to the store or home)
G.
People and businesses that sell/make goods or services
H.
The exchange of goods/services Typically with money
I.
Starting a new business People who take the risk and put all the factors of production together Similar to labor but different I.e Mark Zuckerberg
J.
Things that we can touch and/or use
K.
Who a product is meant for, who the target audience is
L.
How many of the product should be produced
M.
Limited resources to meet unlimited wants and needs There is a scarcity of water in a desert
Type the Term that corresponds to the displayed Definition.
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14.
Human effort to produce things, people who are payed to do a certain job
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15.
the resources producers use to make and sell the things consumers want and need
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16.
Man-Made resources Any tool, machine or man-made item that helps us do something
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17.
An organized way for producers and consumers to trade goods/services Typically involves cash but not always Can be digital i.e supermarket
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18.
If you have a low supply and high demand, producers will make the price higher and make more of the good or service. If there is a large supply but low demand, producers will decrease the price and make less of the good
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19.
the amount of a good or service that is available, large supply means there is a lot
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20.
The want or desire for certain goods or services
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21.
What you gave up when making an opportunity
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22.
Trading without money
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23.
a factor encouraging people to act a certain way money: to work a job good grades: to study

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