Economic+Terms

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 * Economics Terms **
 * 1) Supply- How much there is of a certain good or service.
 * 2) Demand- How much of a good or service is needed or wanted.
 * 3) Scarcity- When people want something and there isn’t enough of it; shortage.
 * 4) Producer- A person or company that produces goods or services.
 * 5) Consumer- People who use goods and services.
 * 6) Goods- An object or objects that satisfy peoples wants.
 * 7) Services- Activities performed by a person or people that satisfy economic wants.
 * 8) Entrepreneur- A person who launches or owns a business with an aim of making a profit.
 * 9) <span style="font-family: 'Times New Roman',Times,serif;"><span style="font-family: Arial,Helvetica,sans-serif;">Cost- An amount that must be paid to buy something.
 * 10) <span style="font-family: 'Times New Roman',Times,serif;"><span style="font-family: Arial,Helvetica,sans-serif;">Opportunity Cost- When resources are used for one purpose instead of another.
 * 11) <span style="font-family: 'Times New Roman',Times,serif;"><span style="font-family: Arial,Helvetica,sans-serif;">Competition- Attempts by two or more producers to sell the same goods.
 * 12) <span style="font-family: 'Times New Roman',Times,serif;"><span style="font-family: Arial,Helvetica,sans-serif;">Income- Payments earned by households by selling or renting their resources.
 * 13) <span style="font-family: 'Times New Roman',Times,serif;"><span style="font-family: Arial,Helvetica,sans-serif;">Expenditure- How much money you spend on your business.
 * 1) <span style="font-family: 'Times New Roman',Times,serif;"><span style="font-family: Arial,Helvetica,sans-serif;">Barter- Trading a use or service for something other than money.
 * 2) <span style="font-family: 'Times New Roman',Times,serif;"><span style="font-family: Arial,Helvetica,sans-serif;">Inventory- The quantity of goods held in stock. Also, a list of goods held by a person or company.
 * 3) <span style="font-family: 'Times New Roman',Times,serif;"><span style="font-family: Arial,Helvetica,sans-serif;">Invest- Putting money someplace with the intentions of making a financial gain. Such as stocks, bonds, mutual funds, and real estate.
 * 4) <span style="font-family: 'Times New Roman',Times,serif;"><span style="font-family: Arial,Helvetica,sans-serif;">Material- What is used to make a good or service.
 * 5) <span style="font-family: 'Times New Roman',Times,serif;"><span style="font-family: Arial,Helvetica,sans-serif;">* Capitalism- A system in which investment and ownership is made and maintained chiefly by private individuals or corporations.
 * 6) <span style="font-family: 'Times New Roman',Times,serif;"><span style="font-family: Arial,Helvetica,sans-serif;">*Socialism- A system in which the community as whole handles the ownership and control of the means of production and distribution.
 * 7) <span style="font-family: 'Times New Roman',Times,serif;"><span style="font-family: Arial,Helvetica,sans-serif;">* Communism- A system of government in which the state plans and economy.