Economics and Trade Concepts

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Specialization

Back

a country focuses its resources on a limited variety of goods and services, LEADS TO GLOBAL TRADE

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resources

Back

How people answer the questions of what to produce and how to produce

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goods

Back

items purchased to satisfy needs and wants

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services

Back

Actions or activities that a person/company performs for another

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GDP

Back

Gross Domestic Product; the total market value of all final goods and services produced annually in an economy

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economics

Back

A system by which goods and services are produced and distributed.

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scarcity

Back

having a short supply of something

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supply

Back

how much of a product/resource is available

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demand

Back

the number of people that want a good/service

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Market system

Back

economy where People's needs and wants determine what goods get produced