| A | B |
|---|
| Supply | the amount of a product available |
| Demand | the amount of a product wanted or needed |
| Opportunity Cost | what a person gives up to obtain something else |
| Exports | products shipped out from a country |
| Imports | products shipped into a country |
| Surplus | when there is more than needed |
| Labor | workers; the human resource |
| Global Trade | a system of trading that encompasses the entire world |
| Specialization | when a place is able to concentrate on a given skill or product and make it better (or cheaper) |
| Scarcity | a lack of a availability of a given product or service |
| Producers | people who make things |
| Consumers | people who use things |
| Needs | the things people need to survive (food, water, shelter, and clothing) |
| Wants | the things we would like to have and make survival comfortable |
| Interdependence | when two or more countries rely on one another for what they need |
| Market | trade of goods and services |
| Trade | to exchange one thing for another |
| Opportunity Cost | what is given up when a choice is made |
| Shortage | another word for scarcity |
| Deficit | when you owe money |
| Capital | tools that help people create (this can include tools, technology, and money) |
| Human Resources | labor resources are often called this |
| Labor | work |
| Quality | a measure of how "good" something is |
| Price | what you pay for an item |
| Equilibrium Price | when supply and demand are in perfect balance you would pay this for an item |
| Cost-Benefit Analysis | Examining the good things you get from an exchange as well as what you would lose to help you make a decision about a purchase |
| Economic Goods | things that are tangible; things that are sold that are something you can touch |
| Economic Services | work done for another person |
| Factors of Production | the elements that come together to make a good or service; natural, capital, labor, and entrepreneurship |
