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Economic Basics 5.1
Mrs. Jones' 6th Grade SS
8
Social Studies
6th Grade
10/08/2013

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Term
economics
Definition
the study of how people meet their wants and needs
Term
scarcity
Definition
having a limited quantity of resources to meet unlimited wants
Term
opportunity cost
Definition
the cost of what you have to give up
Term
demand
Definition
the desire for a certain good or service
Term
supply
Definition
the amount of a good or service that is available for use
Term
producer
Definition
people or businesses that make and sell products
Term
consumer
Definition
people or businesses that buy, or consume, products
Term
incentive
Definition
a factor that encourages people to act in a certain way
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