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25 Cards in this Set

  • Front
  • Back
something that one would like to have, do, or get.
wants
the study of choice and decision-making in a world with limited resources.
economics
a person who buys economic goods and services.
consumer
paper money issued by the government.
currency
the amount of money one earns. This can be through one's job or through investments, etc.
income
the amount of goods available at a given price at any time.
supply
is how many consumers desire the goods that are in supply.
demand
a contribution for the support of a government required of persons, groups, or businesses. There are many different kinds including income, sales, state, local, and federal.
tax
something found in nature that people can use.
natural resources
money gained after expenses.
profit
limited.
scarce
something that people make or grow, usually to sell.
product
the trading of one kind of good for another without using money.
bartering
a worker and the ideas and skills that he or she brings to his or her job.
human resource
an activity that someone does for others for pay.
service
the money, a building, a machine, or a tool needed to run a business.
capital resource
money is owed; there is no profit.
loss
the manufacturer of a good or service.
producer
the business of buying and selling goods and services.
trade
allows a consumer to obtain goods, services, or money in return for future payments.
credit
is defined as anything that is used as a medium for exchange for goods and services.
money
money that is lent to individuals so they can purchase goods or services.
consumer credit
something that is necessary to live.
needs
things that can be bought and sold.
goods
money paid for the use of someone else's money.
interest