Vocab Flashcards
1
Q
Trade
A
The activity or process of buying selling or exchanging goods and services without money
2
Q
Barter
A
Barter exchanging goods and services without using money
3
Q
Interdependence
A
People dependent on each other
4
Q
Specialization
A
Focus on a single product or service
5
Q
Trade
A
The activity or process of buying, selling or exchanging goods or services
6
Q
Barter
A
Exchanging goods or services without using money
7
Q
Economics
A
Making, buying or selling something people want
8
Q
Basic needs
A
Things people need to survive
9
Q
Wants
A
Things people would like to have
10
Q
Goods
A
Things you buy
11
Q
Economic choice
A
Decision to buy one thing not another
12
Q
Opportunity cost
A
Choice given up
13
Q
Scarcity
A
When there is an a lot of something or is ant available
