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Loss
When you spend more than you receive
Good
Something you can fell or any kind of merchandise
Economics
The study of the making, buying, and selling of goods and services
Profit
Gaining money from a good you sold
Supply
The amount of something is available for use
Producer
Anyone who makes a good or does a service
Taxes
Money the government collects from you
Demand
How much a product or service is desired by buyers
Specialization
When an individual or a company does one part of a task and relies on others to complete the other parts of the task
Opportunity cost
The process of choosing one good or service over another
Scarcity
Limited supply of something
Anyone who buys a good or service
Interdependence
When people depend on one another
Service
Any kind of work performed by others
Entrepreneur
A person who comes up with a good or service or a better way to produce one