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not having enough resources to satisfy every need (surplus or scarcity)
Scarcity
activities provided for the satisfaction of others that are consumed at the same time they are produced (goods or services)
Services
things you can see and touch; they are products you can purchase to meet your wants and needs (goods or services)
Goods
the quantity of a good or service that consumers are willing and able to buy (supply or demand)
Demand
the quantity of a good or service that businesses are willing and able to provide (supply or demand)
supply
an economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)
supply and demand
supply and demand
the rivalry among businesses to sell their goods and services (competition or resources)
competition
It is term used when you exchange one thing for another.
Trade
It is a form of trading that includes trading goods and services for something other than money.
Bartering
It is used to describe trade between countries.
International trade
It is when countries depend on one another for goods.
Interdependence
It means to buy goods and services from sellers in other countries.
Import
It means to sell goods or services to people in other countries.
Export
