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Basic Economic Terms

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Other
•
8th Grade
•
Easy
David Nichols
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9 questions
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1.
FLASHCARD QUESTION
Front
Back
To send goods or services to another country for sale.
2.
FLASHCARD QUESTION
Front
import
Back
To bring goods or services into a country from abroad for sale.
3.
FLASHCARD QUESTION
Front
scarcity
Back
The state of being in short supply; shortage.
4.
FLASHCARD QUESTION
Front
supply
Back
The total amount of a specific good or service that is available to consumers.
5.
FLASHCARD QUESTION
Front
demand
Back
People's desire and willingness to pay a price for a specific good or service.
6.
FLASHCARD QUESTION
Front
natural resources
Back
Materials or substances such as minerals, forests, water, and land that can be used for economic gain.
7.
FLASHCARD QUESTION
Front
freemarket
Back
An economic system in which prices are determined by competition between people.
8.
FLASHCARD QUESTION
Front
negotiate
Back
To try to reach an agreement or compromise by discussion with others.
9.
FLASHCARD QUESTION
Front
barter
Back
Exchange (goods or services) for other goods or services without using money.
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