Week 11 History Review

The amount of product that is available

• producer

• consumer

• supply

• demand

The amount of product people actually want or need

• producer

• consumer

• supply

• demand

Someone who makes a good or provides a service

• producer

• consumer

• supply

• demand

A person who buys goods and services

• producer

• consumer

• supply

• demand

When there is a shortage of a product, prices usually _________________.

• increase

• decrease

When there is a surplus of a product, prices usually _________________.

• increase

• decrease

A __________________ occurs when there's a greater supply of something than a demand for it.

• shortage

• surplus

• interdependence

• bartering

_______________________ is not having enough of something.

• oppourtunity cost

• supply

• demand

• scarcity

________________ is mutually relying on each other to get things done.

• interdependence

• trading

• importing

• exporting

_______________________ is when you buy, sell, or exchange a good or serve for something else you want or need

• interdependence

• trade

• import

• export