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