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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 that are consumed.
interdependence Reliance on others to satisfy wants.
production The act of combining natural resources, human resources, capital goods and entrepreneurship.
consumption The purchase of use 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 (also referred to as the equilibrium point).
opportunity cost The value of the next best alternative given up when a choice is made
supply The quantities of a good or services that consumers are willing and able to buy at various prices during a given period.
demand The quantities of a good or service that producers 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.
scarcity The lack of sufficient resources to produce all goods and services people desire.
Created by: jwood.20
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