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