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7 vocab words to study.

Scarcity The basic econmic problem that arises because people have unlimited wants but resources are limited.
Interdependence The condition where counties become dependent on one another because of specialization and trade.
Specialization when production is concentrated on producing only those goods and services that can most effeiently be produced given existing resources.
Trade An exchange of goods and services.
Imports Goods brought in from a foreign country for trade or sales.
Exports Goods shipped out of one country for trade of sale with one another.
Sustainability The ability to provide for the needs of the worlds current population without damaging the ability of future generations to provide for themselves.
Literacy Rate The percentage of citizens who can read and write.
Per Capita For every person
Life Expectancy The number of years a person to live on average in a given population.
Infant Mortalilty The number of deaths of babies in a given population.
GDP (Gross Domestic Prouduct) The total market value of goods and services produced by a nation in a given time period.
Land Gifts of nature , natural resources used to produce goods and services.
Labor All human effort including the knowledge and skills used in the production of goods and services.
Captial Man- made reasources used to produce other goods and services, example, machines, factories, and tools.
Entreprenenrship The willingness to assume the risk of organizing and cordainting resources to produce goods and services.
Created by: CieloM603
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