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Unit Vocabulary

What does opportunity cost mean?
Whatever you give up to do something
 
What does scarcity mean?
The tension between infinite wants and infinite resources
 
What does economics mean?
A social science concerned with description and analysis of the production, distribution, and consumption of goods and services
 
What does resources mean?
A source of supply
 
What does trade mean?
The act or process of being, selling, or exchanging commodities
 
What does quality of life mean?
The general well-being of individuals and societies
 
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