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Econmics Game


Final Prject

allocate distribute (resources or duties) for a particular purpose.
barter the action or system of exchanging goods or services without using money.
capital good  a measure of the benefit provided by a good or service to an economic agent.
capital resource   durable good that is used in the production of goods or services.
consumer  rivalry among sellers trying to achieve such goals as increasing profits.
consumer good a term used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
credit someone who creates and supplies goods or services.
division of labor the state or quality of being efficient.
economics an expert in economics.
economist an economic measure of output per unit of input.
efficiency A benefit, profit, or value of something that must be given up to acquire or achieve something else.
entrepreneur The purposeful application of information in the design, production, and utilization of goods and services.
exchange the inputs that are used to create things or help you provide services.
factors of production production of goods or services in order to make an economic profit.
good the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
competition an act of giving one thing and receiving another
money when a nation or individual concentrates its productive efforts on producing a limited variety of goods.
natural resources the limited availability of a commodity, which may be in demand in the market.
opportunity costs a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
producer a medium of exchange in the sense that we all agree to accept it in making transactions.
productivity materials that satisfy human wants and provide utility.
resource the branch of knowledge concerned with the production, consumption, and transfer of wealth.
scarcity  the purchase of goods that are not consumed today but are used in the future to create wealth.
self-sufficiency an economic activity where an immaterial exchange of value occurs.
service a person who purchases goods and services for personal use.
specialization goods made and used to produce other goods and services.
technology a sacrifice that must be made to get a certain product or experience.
trade-off goods bought and used by consumers, rather than by manufacturers for producing other goods.
utility the assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.
value Asset or material that constitutes the natural capital of a nation. Read more: http://www.businessdictionary.com/definition/natural-resource.html
investments the state of not requiring any aid, support, or interaction for survival.

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