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19 Cards in this Set
- Front
- Back
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Opportunity Cost |
the thing that you give up when you buy something else |
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Resource |
Something used to produce goods and services |
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Barter |
to trade without using money |
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Specialization
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making one kind of good, or providing one kind of service |
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Interdependnce |
depending on others to product things you need |
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Deposit |
to put money into a bank |
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Withdrawal |
to take money out of a bank |
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Currency |
A country's system of money |
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Scarcity |
not having enough of something |
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Needs |
things like food, water, clothing, and shelter that you can't survive without |
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Wants |
things we like to have, but aren't necessary to survive |
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Producer |
someone who makes goods |
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Consumer |
Someone who buys goods |
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Goods |
anything you can buy that you can hold or touch ie) ice cream, cod liver oil |
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natural, human, and capital resouces |
list three resources
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Services |
An activity you pay someone to do for you. ie) restaurant, lawncare |
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Supply and Demand |
What two things affect the price of goods and services |
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interest |
when you have money in a bank, the bank will pay you this for using your money |
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Advertising |
Used to increase demand for a product |
