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geography lesson 6 vocab MORGAN

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  • money earned by selling goods/services
    revenue
  • act of concentrating on a limited good/service
    specialization
  • the additional cost incurred in the production of one more unit of a good or service
    Marginal cost
  • what is a desire for a good or service
    demand
  • general increase of price
    Inflation
  • Combination of command and market economies
    Mixed economy
  • study of how people meet wants and needs
    economics
  • A plan to keep track of income and spending
    Budget
  • economic in which individual consumers and producers make economic decisions
    Market economy
  • people or business that makes a good/service
    producer
  • Economic traditions based on a group, culture/value
    Traditional economy
  • economic system where the central government makes all decisions
    command economy
  • the cost of hat you give up by purchasing something else
    opportunity cost
  • arrangement in which a buyer can borrow to purchase something and pay later
    credit
  • ability to produce a good or service
    supply
  • Money subtracted after paying for production
    profit
  • people or business that buy a good/service
    consumer
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