Scarcity - Not enough supply to meet demand, Supply - Stuff you have to sell, Demand - The number of people who want your stuff, Goods - Physical Items to be sold, Services - These are sold by teachers, doctors as they aren't something you can hold, Market - Where trading takes place, Trade - Exchange of goods or services, Economics - Study of $$$ and how it's used, Producer - Creates goods, Consumer - Buys goods, Equilibrium Point - Price agreed upon by the buyer and seller, Opportunity Cost - The next best option you did not spend money on, Want - Something you can live withoiut, Need - Something you cannot live without, Capitalism - The theory that you can make as much money as possible, Free Enterprise - You can make money any way you want as long ast it's legal, Profit - The money made after production costs,

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