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Learn key concepts such as goods, supply, demand, and more in economics. Understand the significance of limited resources and the dynamics of market prices. Explore the roles of producers, consumers, and the concept of opportunity cost in economic decision-making processes.
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Unit 7a: Economics Vocabulary
Someone who creates or manufactures a good or service through physical or mental effort
Something that a person does for someone else in exchange for money or value
The study of the production, distribution and the consumption of goods and services
The amount of a good or service that consumers are willing and able to buy
A limited supply of resources in comparison to unlimited wants and needs
The price that satisfies both producers for profit and consumers for value