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partners in trade
| 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 or use of goods and services |
| Goods | Objects that are capable of satisfying |
| Services | actions that are capable of satisfying people's wants |
| Market | the interaction of buyers and seller exchanging goods and services |
| Market clearing price for goods | The one price at which quantity supplied equal quantities demanded (equilibrium point) |
| Opportunity cost | The value of the next best alternative given up when a choice is made |
| Supply | The goods or service that producers are willing and able to provide at various prices during a given period |
| Demand | The goods 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 parts of trades |
| Scarcity | the lack of sufficient resources to produce all goods and services people lack desire |
Created by:
Desantisj.20
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