Economics Vocabulary #1

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Economics

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the study of choices involving goods

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Production

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How do we make goods? Think "Making Things"

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Distribution

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How do we exchange goods? Think "Getting Things To People"

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Consumption

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How do we buy and use goods? Think "Buying Things"

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Scarcity

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Inability to satisfy all wants at the same time because resources and goods are limited

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Choice

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Selecting an item or action from a set of alternatives

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Economic decisions are made answering the 3 questions

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Price - Can I afford It? Quality - Is it Good Enough? Desire - How Bad Do I Want It?

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Resources

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Factors of production in producing goods and services

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Human Resource

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The people needed to produce a good/service

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Natural Resource

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Materials or substances that occur in nature and can be used to create a good/service