Studies Weekly 13 Vocabulary

the way communities and governments organize resources, goods, and services

• economic system

• stocks

• opportunity cost

• imports

when you buy, sell, or exchange a good or service for something else you want or need

• trade

• imports

• stocks

• economic system

all together, relying on each other to get things done

• interdependence

• trade

• opportunity cost

• inflation

goods that are brought in from another country

• imports

• exports

• scarcity

• stocks

goods sent to another country to be sold

• exports

• imports

• trade

• interdependence

the value of what you give up when you make a choice

• opportunity cost

• inflation

• stocks

• interdepence

an increase in price and a fall in the purchasing value of money

• inflation

• trade

• exports

• imports

a share in the business; when larger businesses allow people to own part of the business

• stocks

• import

• export

• opportunity cost

not having enough of something

• scarcity

• inflation

• trade

• interdependence

economy where the government places few restrictions on businesses, resulting in competition to earn customers, lower prices, and better products

*United States system

• free market system

• traditional economy

• market economy

• command economy