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Week 11 Vocabulary

TermDefinition
barter Exchanged goods without involving money
consumers people who buy goods and services
demand the amount of product people actually want or need
Exports goods and services sold to other countries
Imports goods brought into a country
Interdependence mutually relying on each other to get things done.
opportunity cost the value of what you give up when you make a choice
private enterprise businesses people own
producers someone who makes a good or provides a service
scarcity not enough of something
shortage when something you need can't be found in the amount needed
supply the amount of products or services available
surplus a greater supply of something than is needed
trade exchange of goods and services
Created by: user-1904776
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