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Trade
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Partners In Trade

TermDefinition
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.
Created by: Coxk12
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