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Economics Ch 1-3

S. Stapp

Economic Vocabulary

Economics -  a line on the graph that represents the amount of goods or services that consumers will buy at different prices
Scarcity -  an economic system in which individuals not the government control the production and distribution of goods and services; also called Capitalism
Goods -  the amount of a good or service that consumers are willing and able to buy at different prices
Service -  a diagram that shows a relationship between two or sets of things
Factors of Production -  the way that a country or culture produces goods and services
Natural Resources -  workers
Labor -  The study of how people businesses and governments choose to use their limited resources
Capital -  an activity performed for others for money such as teaching or selling
Entrepreneur -  The four things needed to produce goods and services: natural resources, labor, capital, entrepreneurs
Opportunity Cost -  an economic system based on a past way of life and culture
Specialization -  Whatever is given up when a choice must be made; a trade-off
Productivity -  not enough of a certain resource to satisfy people’s needs and wants
Technology -  economic law which states that consumers will buy more of a good or service as the price goes down
Economic System -  economic system that includes both private ownership and government control of some services and industries
Traditional System -  something provided by nature such as wood, oil, and coal that can be used to produce goods and services
Market System -  the amount of goods and services produced by a worker or business in a given time period
Consumer -  an economic system in which the government controls the production and distribution of goods and services
Profit -  use of resources to produce only a single good or a few kinds of goods or services
Command System -  a way to measure how well the needs and wants are being met by the country’s economic system
Mixed System -  the money made by business or a person after all the cost have been paid
Standard of Living -  the use of science to create new or better goods and services or efficient method of production
Demand -  capable of being used in the place of one another
Law of Demand -  things that can be seen, touched, bought or sold
Graph -  a person who buys goods and services
Demand Curve -  goods that can take the place of one and another
Income -  human made items such as machines and tools that are used to produce goods and services
Substitute Goods -  the amount of money that a person makes within a certain period of time
Interchangeable -  goods that are used with each other such as cars and tires
Complementary Goods -  a person who comes up with the idea for producing goods and services

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