Economics Vocabulary
9
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Transcript of Economics Vocabulary
The action or process of investing money
for profit or material result or a thing that
is worth buying because it may be
profitable or useful in the future
Rivalry between two or more people or
groups for an object or money
Price acts as an incentive to buyers /
sellers, low prices encourage demand
and high prices discourage demand.
To give an exchange for something else
The act of specializing or pursuing a
particular line of a product
A production process in which a worker
or group of workers is assigned a
specialized task in order to increase
efficiency
Volunteering to exchange goods and
services
A person who organizes and manages
any enterprise, especially a business