Basic Economic Terms

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export

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To send goods or services to another country for sale.

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import

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To bring goods or services into a country from abroad for sale.

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scarcity

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The state of being in short supply; shortage.

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supply

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The total amount of a specific good or service that is available to consumers.

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demand

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People's desire and willingness to pay a price for a specific good or service.

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natural resources

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Materials or substances such as minerals, forests, water, and land that can be used for economic gain.

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freemarket

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An economic system in which prices are determined by competition between people.

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negotiate

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To try to reach an agreement or compromise by discussion with others.

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barter

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Exchange (goods or services) for other goods or services without using money.