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Chapter 11 Lesson 1 Economics Vocabulary

AB
producta good
producersomeone who makes a product or provides a service
entrepreneursomeone who starts and runs a business
consumersomeone who buys a product or service
interdependencethe reliance of producers and consumers on each other for products and resources they need
wage/incomemoney paid to a worker for the work he or she does
economythe ways a country or community makes and uses goods and services
goodssomething that can be bought or sold
serviceswork that someone does for someone else



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