Coldiron SS Unit 4 Economics Vocab Part #2

Front

When people produce goods they are best suited for with available resources.

Back

Specialization

Front

All people with jobs or seeking jobs

Back

Labor force

Front

Not having a job

Back

Unemployed

Front

A good brought into a country from another.

Back

import

Front

Amount paid for a good or service

Back

Price

Front

Pattern of goods, services, and resources flow in the marketplace

Back

circular flow

Front

Good used in place of another

Back

substitute good

Front

Having a job

Back

Employed

Front

Money earned by working

Back

Income

Front

Trading of objects or ideas

Back

Exchange