Terms 1-7 (Key Economic Terms)
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Last updated 8:07 PM on 8/19/25
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7 Terms
1
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property rights
the right to use, control, and obtain benefits from a good or service
2
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market
an interaction of buyers and sellers
3
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supply
the amount of a good or service
4
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demand
the want for a specific good or service
5
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cost
what is given up
6
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consequence
result of an action or choice
7
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resource allocation
how resources are distributed
