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18 Cards in this Set

  • Front
  • Back
earn
- to get something such as money, after working
economic choice
- decision to buy one thing instead of another
product
- goods and services
budget
- a plan that shows income, spending and saving
income
- all the money a person gets from a job or other source
opportunity costs
- what you give up when you choose to buy one thing over another
supply
- the amount of a product for sale at a certain price
goods
- things that are made or grown then sold
spending
- the amount of income a person uses
savings
- the amount of an income not spent
demand
- the amount of goods or a service that people want and can pay for at different prices
profit
- the income a business has left after all its costs are paid
services
- jobs that one person does for another
When supply goes up the price will _________________.
- go down
Give some examples of needs.
- food
- water
- air
Give some examples of wants.
- toys
- car
- radio
- TV
What are the three parts of a budget?
1. income
2. spending
3. savings
Why were the CD's Robin's opportunity cost?
- because she had to give them up so that she could get the bat