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Economics Vocabulary
Social Studies 2nd Academic Owen
| Term | Definition |
|---|---|
| trade | the exchange of something of value |
| specialization | the concentration of production on fewer kinds of goods and services than are consumed |
| interdependence | reliance on others to satisfy wants |
| production | the act of combining natural resources, human resources, capital goods and entrepreneurship to make goods and services |
| consumption | the purchase of goods and services |
| goods | objects that are capable of satisfying people's wants |
| services | actions that are capable of satisfying people's wants |
| market | the interaction of buyers and sellers exchanging goods and services |
| market clearing price for goods | the one price at which quantity supplied equals quantity demanded (equilibrium price) |
| opportunity cost | the value of the next best alternative given up when a choice is made |
| supply | the quantities of a good or service that producers are willing and able to provide at various prices during a given time period |
| demand | the quantities of a good or service that consumers are willing and able to buy at various prices during a given time period |
| import | goods that are brought into a country as part of trade |
| export | goods that leave a country as a part of trade |
| scarcity | the lack of sufficient resources to produce all the goods and services people desire |
Created by:
Grace.20
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