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Economic Fundamentals

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A	B
goods	physical objects like clothes or shoes
services	activities that one person performs for anotherr
needs	things necessary for survival like air, good, & water
economics	the study of how people satisfy needs & wants by making choices
wants	things you like to have, not necessary to survive
consumers	people who buy things
producers	people who make things for people to buy
land, labor & capital	factors of production
capital	resources made by humans
land	natural resources
labor	human resources

Wheeler High School

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