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Economics
The study of how individuals & societies satisfy their unlimited wants with limited resources

Scarcity
The situation that exists because wants are unlimited and resources are limited

Wants
Desires that can be satisfied by consuming a good/service

Needs
Things like foods, clothes, or shelter etc.

Consumer
Person who buys or uses goods/services

Producer
Maker of goods/services

Factors of Production
Land, Labor, Capital & Entrepreneurship

Causes
Events that explain why something happens

Effects
What actually happens