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Unit 7: Principles of Economics Key Terms Term Definition production Combining resources to make goods or provide services resources Factors of production that are used in the production of goods and services, including human, natural, capital and entrepreneurial capital resources Man made resources used to produce, including money and machinery scarcity Inability to satisfy all wants private Owned or provided by individuals or businesses public Owned or provided by the government consumption Using goods and services consumer sovereignty supply Buyers’ purchases determine what goods and services are produced “The consumer is king” The amount of goods or services producers are willing to make and sell at a given price demand The desire or ability to buy a good or service at a given price price How much it costs to consume a good or service competition Rivalry between producers for consumers resulting in better quality goods and services at lower price incentive Reward offered to persuade people to change economic behavior profit The money earned by producers after all costs of producing a good or service have been paid economic system The system in which nations make choices because not all wants and needs can be satisfied Picture