Economic Concepts Flashcards

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Human Resources

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are people who work to provide goods and services.

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Barter

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The exchange of goods and services without the use of money.

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Producer

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A person who uses resources to make goods and/or provide services.

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Opportunity Cost

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The next best choice (one that is given up).

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Natural Resources

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Materials that come directly from nature.

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Services

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Activities that satisfy people’s needs and wants.

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Capital Resources

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are goods made by people that are then used to produce other goods.

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Specialization

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occurs when a business or group of people focus on producing one kind of good or service.

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Goods

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are things that people make or use to satisfy their needs and wants.

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Economic Choice

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The choice or decision made between different possibilities or options.