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Partners in Trade

QuestionAnswer
The exchange of something of value Trade
The concentration of production on fewer kinds of goods and services than are consumed Specialization
Reliance on others to satisfy wants Interdependence
The act of combining natural resources, human resources, capital goods and entrepreneurship to make goods and services Production
The purchase or use of goods and services Consumption
Objects that are capable of satisfying people's wants Goods
Actions that are capable of satisfying people's want Services
The interaction of buyers and sellers exchanging goods and services Market
The one price at which quantity supplied equals quantity demanded (also referred to as the equilibrium price) Market Clearing Price for Goods
The value of the next best alternative given up when a choice is made Opportunity Cost
The quantities of a good or service that producers are willing and able to provide at various prices during a given period Supply
The quantities of a good or a service that consumers are willing and able to buy at various prices during a given period Demand
Goods that are brought into a country as part of trade Import
Goods that leave a country as part of trade Export
The lack of sufficient resources to produce all the goods and services people desire Scarcity
Created by: ella.20