ECONOMIC SYSTEM
Goods: Obhects that have a use or value for the person who possesses them.
Price: Cost of a product or services.
Resources: Thing a person or country has that can be used for economic benefit.
Factor of production: Resource used to produce goods or offer services.
Supply: Goods and services that are avaliable for sale.
Consumer: Person who uses goods and services.
Profit: Difference between what it costs to make something or provide a service and what it sold for.
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