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Economics

Toni Harvey

No description

profit money paidfor good/service
price means by which goods and services are made available
competition lack of goods and services
consumer US system, some command, some free
incentives uses goods and services
producer making of goods and services
consumer preference one who begins a business
goods what is selected first
production one who makes articles to be sld
opportunity cost that which is given up
scarcity vying for consumers to buy from them
choice wares, commodities, merchandise
free market type of economy the US is based on
distribution making a selection
entrepreneur that which motivates
command economy govt makes the decisions
mixed economy money made after all expenses paid

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