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12 Cards in this Set
- Front
- Back
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Scarcity |
Limited supply and high demand. |
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Raw materials |
Material before being processed or manufactured into a final form. They are often natural resources. |
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Choice |
Selecting one option out of many. |
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Price |
How much an item is sold for |
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Supply |
The amount of a product available |
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Incentives |
They motivate our economic behavior |
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Demand |
The consumers' desire or willingness to pay for a product |
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Consumption |
How much of the product is used by the consumer |
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Competition |
Two or more brands that sell similar products |
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Currency |
The money system your country uses |
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Economic inequality |
Income that is uneven. It is the big gap between rich and poor. |
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Manufacturer |
Company that produces the goods |
