Economics -Part 2

Front

trading of objects or ideas

Back

exchange

Front

the money people earn by working

Back

income

Front

the pattern in which goods, services, and resources flow in the market place

Back

circular flow

Front

the amount paid for a good or service

Back

price

Front

a good used in place of another

Back

substitute goods

Front

how many goods and services are produced

Back

productivity

Front

a product sent to another country to be sold

Back

export

Front

rewards or penalties used to cause people to act a certain way

Back

incentive

Front

when people make the goods they are best able to produce with the resources available to them

Back

specialization

Front

assigning different steps in building a good to different people

Back

division of labor