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Econ Terms IISupply – schedule of quantities offered for sale at all possible prices in a marketDemand – combination of desire, ability, and willingness to buy a productCapital – tools, equipment, and factories used in the production of goods and servicesBoycott- protest in the form of refusal to buy, including attempts to convince others to joinAssets – properties, possessions & claims, usually listed as entries on a balance sheetImports – the goods and services that a nation buys from other nationsExports – the goods and services that a nation produces and then sells to other nationsConsumer – people or businesses that purchase goods or servicesProducer – the makers of goods and servicesGoods – tangible product that is useful but scarce. It is used to satisfy wants and needs.Services – work or labor performed for someone. This can include home repair and entertainment.Trade-offs – alternatives that must be given up when one is chosen rather than anotherOpportunity cost – cost of the next best alternative, use of money, time or resources when one choice is made rather than another.Shortage – situation where quantity supplied is less than quantity demanded at a given petition – the struggle among sellers to attract consumers while lowering costs.Scarcity – economic problem facing all societies that results from a combination of scarce resources & people’s unlimited wants. Econ Terms IISupply – schedule of quantities offered for sale at all possible prices in a marketDemand – combination of desire, ability, and willingness to buy a productCapital – tools, equipment, and factories used in the production of goods and servicesBoycott- protest in the form of refusal to buy, including attempts to convince others to joinAssets – properties, possessions & claims, usually listed as entries on a balance sheetImports – the goods and services that a nation buys from other nationsExports – the goods and services that a nation produces and then sells to other nationsConsumer – people or businesses that purchase goods or servicesProducer – the makers of goods and servicesGoods – tangible product that is useful but scarce. It is used to satisfy wants and needs.Services – work or labor performed for someone. This can include home repair and entertainment.Trade-offs – alternatives that must be given up when one is chosen rather than anotherOpportunity cost – cost of the next best alternative, use of money, time or resources when one choice is made rather than another.Shortage – situation where quantity supplied is less than quantity demanded at a given petition – the struggle among sellers to attract consumers while lowering costs.Scarcity – economic problem facing all societies that results from a combination of scarce resources & people’s unlimited wants. ................
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