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11a Terms
VA SOL 11a Terms
10
Economics
7th Grade
02/05/2015

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Term
Scarcity
Definition
The inability to satisfy all wants at the same time.  All resources and goods are limited, requiring a choice to be made.
Term
Resources
Definition
Factors of production that are used in the production of goods and services.  Types include natural, human, capital, and entrepreneurship.
Term
Choice
Definition
The selection of an item or action from a set of possible alternatives because the goods and services are limited.
Term
Opportunity Cost
Definition
What is given up when a choice is made - i.e., the highest valued alternative is not chosen
Term
Price
Definition
The amount of money exchanged for a good or service. Determined by the interaction of supply and demand.
Term
Incentives
Definition
Things that incite or motivate.  They are used to change economic behavior.
Term
Consumption
Definition
The act of buying or using goods and services
Term
Capital
Definition
Anything that is produced in an economy that is used to produce other goods and services
Term
Quantity
Definition
An amount
Term
Technology
Definition
The practical application of science to commerce or industry
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