SS Unit 4 - Economics & Society

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10 Terms

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Scarcity

Resources are limited relative to wants.

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Opportunity cost

Value of the next-best alternative forgone.

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Supply

Quantity producers are willing to sell at various prices.

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Demand

Quantity consumers are willing to buy at various prices.

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Demand rises; supply unchanged

Market price generally rises, other things equal.

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Incentive

A reason encouraging or discouraging behavior.

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Latitude

Horizontal map lines measuring north/south position.

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Longitude

Vertical map lines measuring east/west position.

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Anthropology

Study of humans and culture across time and place.

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Sociology

Study of social groups, institutions and relationships.