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establishes how a country produces and distributes goods and services
economic system
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decision making scarcity, opportunity cost and you
economics
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a person who buys goods or services to satisfy wants
consumer
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mutally dependent on each other financially
economic interdependence
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something you can hold or touch
goods
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one who organizes, manages, and assumes the risks of a new business
entrepreneur
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a sum of money alloted for a particular use; a plan for saving and spending money
budget
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financial gain received as wages/salaries, rent, interest, and/or profit
income
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not being able to have everything wanted
making choices necessary---when supply is less than demand
scarcity
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in making a decison the most valuable alternative not chosen
opportunity cost
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getting less of one thing in order to get a little more of another
trade offs
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something that satisfies one's wants
benefit
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desires that can be satisfied by consuming a good, service, or leisure activity
wants
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necessities--food, clothing, or shelter
needs
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an aspect of the physical environment that people value and use
resource
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the use of money to buy goods and services
spending
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the quantity of resources, goods, or services that sellers offer at various prices at a particular time
supply
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after producinga and selling a good or service, a profit is the difference between revenue and the cost of production
profit
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if costs are greater than revenue, profit is negative and you have a loss
loss
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something that is given up to satisfy your wants
cost
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the number of consumers willing and able to purchase a good or service at a given price
demand
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the income from an investment
revenue
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promising to repay a given amount of money, often with interest
borrow
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