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Economics

TermDefinition
Trade The exchange of something of value.
Specialization The concentration of production on fewer kinds of goods and services than are consumed.
Interdependance Reliance of others to supply wants.
Production The act of combining natural resourses, human resourses, capital goods and entrepreneurship to make goods and services.
Consumption The purchase or use of goods or services.
Goods Object that satisfy peoples wants.
Services Actions that satisfy peoples wants.
Marking clearing price for goods When supply and demand are equal.
Opportunity cost The value of the next best price
Supply The amount of the product available.
Demand The amount consumers are willing to give for a product.
Import Goods that are brought into a different country.
Export Goods that leave a country as part of trade.
Scarcity The lack of goods and services people desire.
Created by: randsinger
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