Economics Vocabulary

These are what we must have to survive?

• wants

• needs

• goods

• interdependence

Making a good or providing a service.

• service

• supply

• human

• producer

When companies or countries rely on each other for resources/ trade.

• export

• international trade

• interdependence

• specialization

When a person, company, or country does a job very well.

• specialization

• good

• want

• competition

To bring in items or resources.

• consumer

• import

• supply

• good

How much you have of a product/ resource.

• good

• want

• competition

• supply

When countries around the world trade with each other.

• export

• international trade

• scarcity

• capitol

A job giving a haircut, a waiter, or a repair person.

• consumer

• demand

• service

• human

We use these products for fun and entertainment.

• wants

• supply

• exports

• natural

Buyers of goods or services.

• specialization

• need

• producer

• consumer