| A | B |
|---|
| trade | the act of buying and selling |
| economics | the science that deals with the production, distribution, and consumption of goods and services |
| opportunity cost | 1.cost in terms of alternatives given up |
| specialization | the pursuit of a particular kind of work |
| voluntary exchange | buyers and sellers freely and willingly engaging in transactions |
| productivity | making goods or services that have an exchange value |
| price incentive | anything a person would see as a reward or benefit |
| buyer | someone who purchases goods |
| seller | someone who provides goods for a price |
| steamboat | water transportation run by motors that worked off boiling water |
| steam locomotive | land transportation that worked off boiling water |
| telegraph | communication done over wires |
| consumer | someone who buys products |
