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Economics

Published on Jan 10, 2016

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PRESENTATION OUTLINE

ECONOMY

SYSTEM IN WHICH PEOPLE GET THE THINGS YOU NEED OR WANT
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NEED

SOMETHING YOU MUST HAVE TO SURVIVE
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WANT

A DESIRE YOU LIKE BUT DON'T NEED

BUDGET

THE AMT. OF MONEY A PERSON HAS TO SPEND OVER TIME

TRADE

WHEN YOU EXCHANGE GOODS & SERVICES
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GOODS

THINGS PEOPLE USE
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SERVICE

WHEN YOU DO STUFF FOR PEOPLE
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PRODUCERS

PEOPLE WHO CREATE GOODS OR SERVICE
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CONSUMERS

PEOPLE WHO BUY OR USE GOODS&SERVICES
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SUPPLY

IS THE AMT. OF A GOOD SOMEONE HAS IN STOCK
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DEMAND

THE AMT. A GOOD PEOPLE WANT TO BUY

PROFIT

THE AMOUNT OF MONEY LEFT OVER AFTER PAY RESOURCES,ETC.
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INTERDEPENDENT

TWO THINGS DEPEND ON EACH OTHER.
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SCARCITY

A LIMITED AMOUNT OF RESOURCES / SHORTAGE OF STUFF