Economics
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| Trade | The exchange of something of value.
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| Specialization | The concentration of production on fewer kinds of goods and services than are consumed.
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| Interdependance | Reliance of others to supply wants.
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| Production | The act of combining natural resourses, human resourses, capital goods and entrepreneurship to make goods and services.
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| Consumption | The purchase or use of goods or services.
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| Goods | Object that satisfy peoples wants.
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| Services | Actions that satisfy peoples wants.
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| Marking clearing price for goods | When supply and demand are equal.
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| Opportunity cost | The value of the next best price
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| Supply | The amount of the product available.
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| Demand | The amount consumers are willing to give for a product.
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| Import | Goods that are brought into a different country.
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| Export | Goods that leave a country as part of trade.
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| Scarcity | The lack of goods and services people desire.
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Or sort by any of the columns using the down arrow next to any column heading.
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Created by:
randsinger
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