Social Studies
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| Trade | The exchange of something with value.
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| Specialization | The concentration of production on fewer kinds of goods and services that are consumed
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| Interdependence | Reliance on others to satisfy wants.
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| Production | The act of combining natural resources, human resources, capital goods and entrepreneurship to make goods and services.
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| Consumption | The purchase or use of goods and services
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| Goods | Objects that are capable of satisfying people's wants.
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| Services | Actions that are capable of satisfying people's wants.
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| Market | The interaction of buyers and sellers exchanging goods and services.
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| Market Clearing Price for Goods | The one price at which quantity supplied equals quantity demanded(also referred to as the equilibrium point.
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| Opportunity Cost | The value of the next best alternative given up when a choice is made.
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| 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.
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| 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.
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| Import | Goods that are brought to a country as part of a trade.
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| Export | Goods that leave a country as part of a trade.
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| Scarcity | The lack of sufficient resources to produce all the goods and services people desire.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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