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Trade
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Economics

Social Studies

TermDefinition
Trade The exchange of something with value.
Specialization The concentration of production on fewer kinds of goods and services that are consumed
Interdependence Reliance on others to satisfy wants.
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 of 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.
Market Clearing Price for Goods The one price at which quantity supplied equals quantity demanded(also referred to as the equilibrium point.
Opportunity Cost The value of the next best alternative given up when a choice is made.
Supply The quantities of a good or a service that produces are willing and able to provide at various prices during a given time period.
Demand The quantities of a good or service that consumers are willing and able to provide and able to buy at various prices during a given period.
Import Goods that are brought to 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.
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