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economics

termDefinition
Trade The exchange of something of value.
Specialization The concentration of a 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 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 price).
Opportunity Price 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 at 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 given period.
Import Goods that are brought into a country part of a trade.
Export Goods that leave the country as a part of trade.
Scarcity The lack of sufficient resources to produce all the goods and services people desire.
Created by: Kohng.20
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