Economic Concepts Flashcards

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Barter

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The exchange of goods or services without the use of money.

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Goods

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Things people make or grow.

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Income

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The money people earn when they work.

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Price

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The amount of money you pay to buy something.

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Opportunity Cost

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What you give up when you make a choice.

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Scarcity

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Not having enough resources to meet people’s unlimited wants.

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Service

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An activity that people do to help other people.

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Role of a Consumer

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A consumer pays for goods or services. Example: Your mom buys food at a grocery store.

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Role of a Producer

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A producer makes, grows, or sells goods and services. Example: A farmer growing apples.

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Needs All Humans Must Have

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Food, clothing, water, shelter.