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Basics of Economics

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Basics of Economics Answer Key

The amount of a good or service available is called supply               .
How much of a good or service is wanted is called demand               .
Producers                make goods or provide services.
Consumers                use goods or services.
Equilibrium                 is the point where supply and demand are in balance.
Opportunity cost is the value of what you give up because you choose to do or buy something else.
  1. True
  2. False
Scarcity means that supply of a good or service is high.
  1. True
  2. False
The amount of money it takes to make a good or provide a service is called an expense               .
The amount a consumer pays for a good or service is called the price               .
Profit                is the amount of money a producer keeps after paying expenses.

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