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Flashcards in Economy Deck (13):
1

Consumer

A person who buys and uses goods

2

Producer

A person who makes goods or provides services

3

Specialization

Focus on a single product or service

4

Interdependence

People dependent on each other

5

Barter

Exchanging goods and services without using money

6

Trade

The process of

7

Import

To bring into a place or country from another country

8

Export

To send to another place (country)

9

Supply

How much there is of goods and services

10

Demand

How much the goods and services are needed

11

Economic choice

A decision to buy one thing or another

12

Opportunity cost

The choice given up

13

Scarcity

A lack of resources