15-21 Economics

scarcity:

• when there’s not enough of something you

  need or want

• something people do for other people for

  money

• to do a certain job

• products and services business provide

• the exchange of one good or service

  for another

service:

• when there’s not enough of something you

  need or want

• something people do for other people for

  money

• to do a certain job

• products and services business provide

• the exchange of one good or service

  for another

specialize:

• when there’s not enough of something you

  need or want

• something people do for other people for

  money

• to do a certain job because you have a particular skill

• products and services business provide

• trade: the exchange of one good or service

  for another

supply:

• when there’s not enough of something you

  need or want

• something people do for other people for

  money

• to do a certain job

• products and services business provide

• the exchange of one good or service

  for another

trade:

• when there’s not enough of something you

  need or want

• something people do for other people for

  money

• to do a certain job

• products and services business provide

• the exchange of one good or service

  for another

Assembly Line

• when there’s not enough of something you

  need or want

• something people do for other people for

  money

• to do a certain job

• products and services business provide

• This is a manufacturing process that uses interchangeable parts added in sequence to create a finished product.

Balance of Trade

• This is the difference in the monetary value of exports and imports for a country.

• This is a manufacturing process that uses interchangeable parts added in sequence to create a finished product.

• This is an estimate a person makes for each month that lists their income and expenses.

• This is the person or persons who purchase a good or service.