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13 Cards in this Set
- Front
- Back
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Economics
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The study of how goods and services are produced, disturbed, and used.
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Production
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The making of goods available for human needs and wants.
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Consumption
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The process of using goods and services that have been produced.
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Market
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AN area of economic activity created whenever goods and services are bought and sold.
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Supply
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The amount of goods or services available for sale.
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Demand
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The willingness of consumers to spend money for goods and services.
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Competition
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The efforts of sellers to win potential customers.
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Monopoly
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Exclusive control over the supply of a product or service.
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Prosperity
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Period of expanding economic growth.
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Recession
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Downturn of the economy.
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Depression
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Severe recession marked by stagnant business activity.
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Inflation
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When prices of goods and services raise sharply.
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Deficit
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The amount spent over budget or over what has been taken in.
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