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Partners and trade

Trade The exchange of something of value
Specialization The concetration of production on fewer kinds of goods and services than are consumed.
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
Consumption The purchase or use of goods and services
goods objects that are capable of satisfying peoples's wants
services Action 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 witch quantity supplied equals quantity demand (also refferd to as the equilibrium price)
oppertunity cost the value of the next best alternitive given up when a choice is made
supply the quantities of a good or service thatproducers are willing and able to provide at various prices during a given time period
demand the quantities of a good or service that producers are willing and able to provide at varius prices during a given time period
Created by: bugwalk
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