Here is Econ Chapter 6.1 Vocab!
- price: the value of a product determined by supply and demand
- signals: signs, hints
- neutral: not favoring producer or consumer
- consumption: use of a product
- compromises: when 2 sides agree to give up something they want to meet in the middle
- rationing: where government decides everyone’s “fair” share
- salary: amount of money made per year (fixed)
- incentive: reason to do something, motivation
- motivation: wanting to work harder and succeed
- allocation: dividing up goods or money
- inflation: the steady increase of prices
- rebate: partial refund of the original price of a product
- employees: workers
- network: a connect group of businesses
