Economics

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Author:
WSES3
ID:
210817
Filename:
Economics
Updated:
2013-04-01 21:13:47
Tags:
Economics
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Description:
Ecomonics
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  1. Economics
    the study of the making, buying, and selling of goods or services
  2. Barter
    to trade
  3. Service
    any kind of work performed for others
  4. a Good
    any kind of merchandise
  5. Scarcity
    means that there are limited resources
  6. Consumer
    anyone who buys a good or a service.
  7. Producer
    anyone who makes or grows a good or performs a service.
  8. Opportunity cost
    the item that you don’t pick
  9. Specialization
    is when an individual or a company specializes in doing one part of a task, and relies on others to complete the other parts
  10. Interdependence
    when people depend on one another
  11. Taxes
    the money that the government collects from individuals and businesses to pay for public goods and services.
  12. Income Tax
    a percentage of money taken out of your income (the money you make)
  13. Entrepreneur
    a person who comes up with a product or service, or a better way to produce one
  14. Free Enterprise
    competition for sales and goods
  15. Supply
    the amount of goods
  16. Profit
    the amount of money a business makes
  17. Loss
    the amount of money a business loses
  18. Demand
    how much a product or good is wanted

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