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Economics Vocabulary

TermDefinition
Trade The exchange of something of value.
Specialization The concentration of production on fewer kinds of goods and services are consumed.
Interdependence Reliance on others satisfy wants.
Production The act of combining natural resources, human resources, capital goods and entreprenuership.
Consumption The purchase or use of goods and services
Goods Objects that are capable of satisfying peoples's wants.
Services Actions that are capable of satisfying peoples's wants.
Market The interaction of buyers and sellers exchanging goods and services.
Market Clearing Price for Goods The one price at which quanity supplied equals quanity demanded (Also referred to as the equailibrium point).
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 various prices during a given time period.
Demand The quantities of a good or a service that consumers are willing and able to buy at various prices during a given period
Import Goods that are brought into a country as part of trade.
Export Goods that leave a country as part of trade.
Sarcity The lack of sufficient resources to produce all the goods and services people desire.
Created by: mollyb.20
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