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Economics

Government

TermDefinition
Trade The exchange for something of value
Specialization The concentration of production on fewer kinds of goods and services that are conusumed
Interdependance Reliance on others to satisfy wants
`Production The act of combining natural resources, human resources, capital goods and entrepreneurship to make goods and services
Consumpsion The purchase or use of goods and services
Goods objects that are capable of satisfying peoples wants
Services Actions that are capable of satisfying peoples wants
Market The interaction of buyers and sellers exchanging goods and serives
Market clearing price for goods the one price at which quantity supplies equals quantity demanded
Opportunity cost the value of the best alternative given up when a choice is made
supply The quantities of a good or service
demand The quantities consumers are willing to buy
Import goods that are brought into a company as part of a trade
Export goods that leave the country as part of trade
Scarcity The lack of goods and services
Created by: BANANA_DUDE
Popular American Government sets

 

 



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