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Economics
Study of people and choices
Opportunity cost
The cost vs. what you gain
Incremental Taxation
Amount of paid in tax corresponds to total income
Incentives
Specific motivation for doing something
Macroeconomics
study of production, employment, prices, and policies on a nationwide scale
Microeconomics
study of how consumers, workers, and firms interact to generate outcomes in specific markets personal/company level
Supply
The amount of product produced
Demand
The amount of product needed/wanted
Scarcity
There is not enough of something to go around
Consumer
The person that purchases a product and generates demand
Stores
Buy products from factories and sell the products to the consumers
Profit Margin
Stores sell products higher than cost of production to make a profit
Goods
A physical product purchased and used by the consumer
Services
When people sell their time/knowledge/effort and the consumer pays for the act of something
Taxes
Paid by all adults with income to pay for public services like education & healthcare
Black Market
Where you can get anything illegal or that you can´t find anywhere else