Economics

Goods from foreign countries brought into a country for use or sale

• imports

• exports

• producers

• consumers

People able to do work

• producers

• consumers

• capital resource

• labor resource

When a country concentrates on producing whatever they make best

• focusization

• specialization

• demand

• supply

Materials such as minerals, forests, water and fertile land

• capital resource

• human resource

• natural resources

• goods

An economy in which the three fundamental economic questions are answered by following custom and tradition

• traditional economy

• command economy

• market economy

The amount of a good or service that is available

• competition

• import

• export

• supply

When countries depend on each other

• competition

• specialization

• interdependent

• entrepreneur

Goods and services sold by producers in one country to buyers in other countries.

• imports

• exports

• supply

• demand

An economy in which the three fundamental economic questions are answered by the government

• traditional economy

• command economy

• market economy

The rivalry among sellers who produce the same good or provide the same service

• scarcity

• supply

• demand

• competition