Economics Vocabulary

What is the thing that had to be given up, the second best choice?

• Specialization

• Interdependence

• Opportunity cost

• Barter

What is something that is used to produce goods and services?

• Resource

• Specialization

• Scarcity

• Demand

What is trading one good or service for another?

• Needs

• Wants

• Interdependence

• Barter

What is making one kind of good, or providing one kind of service?

• Supply

• Specialization

• Interdependence

• Human resources

What is it called when someone or something is dependent on other countries or people to produce the things you don't produce yourself?

• Specialization

• Interdependence

• Opportunity cost

• Economics

Which word means to give money to the bank?

• Withdrawl

• Deposit

• Interdependence

• Demand

Which word means to take money out of the bank?

• Deposit

• Withdrawl

• Interdependence

• Barter

Which words means a country's system of money?

• Capital Resources

• Specialization

• Interdependence

• Currency

What is it called when there's not enough of something?

• Scarcity

• Needs

• Opportunity cost

• Barter

Things like food, water, clothing, and shelter that you can't survive without are called ________.

• Natural resources

• Needs

• Currency

• Capital resources