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Economics Terms Define the following:

1. Supply: How much their is of something.

2. Demand: How many people want it.

3. Scarcity: A small and inadequate amount.

4. Producer: Someone who manufactures something.

5. Consumer: A person who uses goods or services.

6. Goods: Things that people buy.

7. Services: Activities performed by people.

8. Entrepreneur: One who draws upon his or her skills and initiative to lunch a new business venture with the aim of making a profit.

9. Cost: An amount that must be paid or spent to buy or obtain something.

10. Opportunity Cost: The second-best alternative (or the value of that alternative) the must be given put when scarce resources are used for one purpose instead of another.

11. Competition: Attempts by two or more individuals or organizations to acquire the same goods, services or productive and financial resources.

12. Income: Paymentd earned by households for selling or renting their productive resorces.

13. Expenditure:

14. Barter: Trading a good or service directly for another good or service, without using money or credit.

15. Inventory: An Itemized list of goods held by a person or business.

16. Invest:

17. Material:

18. *Capitalism:

19. *Socialism:

20. *Communism: