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Economics Vocab

TermDefinition
Trade The exchange of something value
Specialization The concentration of production on fewer kinds of goods and services that are consumed
Interdepence Reliance on others to satisfy wants
Production The act of combining natural resources, human resources, capital goods and services
Comsuption The purchase or use of goods and services
Goods Objects that are capable of satisfying peoples wants
Services Actions that are capable of satisfying peoples 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 Cost 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 buy at various prices during a given time period
Demand The quantities of a good or service that consumers are willing and able to buy at various prices during a given time period
Import Goods that are brought into a country as part of a trade
Export Goods that leave a country as part of a trade
Scarcity The lack of sufficient resources to produce all the goods and services people desire
Created by: Kaitlin.20