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Partners In Trade

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Term
Definition
Trade   The exchange of something of 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.  
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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 or 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  
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  goods and services.  
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Created by: Coxk12
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