Economics Vocabulary Word Scramble
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| Term | Definition |
| Trade | The exchange of something of value. |
| Specialization | The concentration of production on fewer kinds of goods and services are consumed. |
| Interdependence | Reliance on others satisfy wants. |
| Production | The act of combining natural resources, human resources, capital goods and entreprenuership. |
| Consumption | The purchase or use of goods and services |
| Goods | Objects that are capable of satisfying peoples's wants. |
| Services | Actions that are capable of satisfying peoples's wants. |
| Market | The interaction of buyers and sellers exchanging goods and services. |
| Market Clearing Price for Goods | The one price at which quanity supplied equals quanity demanded (Also referred to as the equailibrium point). |
| Opportunity Cost | The value of the next best alternative given up when a choice is made. |
| Supply | The quantities of a good or service that producers are willing and able to provide various prices during a given time period. |
| Demand | The quantities of a good or a service that consumers are willing and able to buy at various prices during a given period |
| Import | Goods that are brought into a country as part of trade. |
| Export | Goods that leave a country as part of trade. |
| Sarcity | The lack of sufficient resources to produce all the goods and services people desire. |
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mollyb.20
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