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Transcript 
Key Concepts
Unit 5
195-247
Start of UNIT 5
195. Scarcity
196. Choice
197. Cost and benefits
198. Opportunity cost
199. Marginal (added) cost
200. trade- offs
201. Natural resource
202. Capital resource
203. Human resource
204. Producers
205. Consumers
206. buyers
207. Sellers
208. Production
209. distribution
210. Consumption
211. Channels of distribution
212. marketing
213. Capitalism (free enterprise)
214. Traditional economic system
215. Command economic system
216. Mixed economic system
217. Pure competition
218. oligopoly
219. Monopolistic competition
220. Monopoly
221. Supply curve
222. Demand curve
223. Equilibrium price
224. Elastic supply/ demand
225. Inelastic supply/demand
226. Substitutions
227. compliments
228. Shortage
229. Surplus
230. Price of the product
231. Price of inputs
232. Competition
233. Price of related products
234. Technological change
235. Consumer tastes/preferences
236. Factors of production
237. Price
238. Relative price
239. Capital investment
240. Supply and demand
241. Entrepreneurship
242. Circular flow of goods
243. Inflation
244. Deflation
245. Business cycle
END OF UNIT 5
246. Consumer price index
247. Rate of inflation
Finish unit 5!
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