Basic Economic Terms

Front

Scarcity

Back

when there is not a lot of something

Front

Produce

Back

to make a good or perform a service

Front

Trade

Back

The exchange of goods and services

Front

Needs

Back

things you must have to live

Front

Export

Back

to sell goods and services to another country

Front

Wants

Back

things you would like to have, but don't need to have

Front

Import

Back

to buy goods and services from another country

Front

Demand

Back

how much people want to buy something

Front

Supply

Back

the amount of something that is available to be bought

Front

Buy

Back

to get something in exchange for money