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Introduction to Economics
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economics The study of how people, businesses, and nations make choices
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scarcity When you have a limit of something, how do you use it for the best?
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goods Things that can be seen, touched, and bought or sold Ex.
Sunglasses Popcorn books
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services An activity/action done for other people to get money Ex.
Teaching Cleaning
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resources Things that can be used to produce/make goods and services
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needs Things everyone needs to live/survive Ex. Food Clothing
Shelter/home
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wants Things people would like to have/desire Ex. TV Pager car
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Four factors of production
Things needed to make goods and services Natural resources – sunlight, water, air, land, etc… Labor - workers Capital – things like machines and tools that are used to make goods and services Entrepreneurs – people with ideas for making new goods and services
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Opportunity cost People have to make choices
When you make a choice, one choice wins and one choice loses Opportunity cost is what is lost when you choose
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