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trade off/barter giving up one thing in return for another
opportunity cost what is given up in exchange for something else
economics the study of production, distribution and consumption of goods and services
trade an exchange of property without the use of money
specialization breaking the production process into tiny tasks
voluntary exchange choosing to trade property because it benefits you
productivity how quickly and efficiently goods are created
price incentives a cost designed to encourage buying
budget the sum of money allocated for something
debt borrowed money that you now owe
supply how much of something is available
demand how much of something people want
scarcity when there are more wants for something than is possible
Created by: ctabor