| A | B |
|---|
| trade | exchange something of value |
| specialization | concentrating on producing one kind of good or service |
| interdependence | to rely on others to meet wants and needs (needing others for trade) |
| production | combining resources to make goods and services |
| consumption | to purchase and use goods and services |
| goods | items or products we buy to satisfy our needs |
| services | jobs done for us that we pay for (landscaper) |
| scarcity | lack of resources to produce the amount of needed goods or services |
| market | a place where buyers and sellers exchange goods, services |
| supply | how much of a good or service producers provide |
| demand | how much consumers want goods or services |
| import | to buy goods or resources and ship them into another country |
| export | to sell goods and resources and ship them out |
| allocation of resources | how much of something a country has |
| global interactions | countries around the world trading with each other |
| trade-off | An exchange of one benefit for another |
