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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 that are consumed |
| Interdependence | Reliance on others to satisfy. |
| 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 or 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. |