Economic Principles

How much of something is available for people to buy

• Scarcity

• Opportunity Cost

• Supply

• Hogwarts

How many people want or need something

• Imports

• Mac and Cheese

• Surplus

• Demand

When the supply of a good or service is more than the demand

• Surplus

• Trade

• Air force 1

• Import

When there is more demand for something than supply

• Trade

• Scarcity

• Money

• Lake Michigan

The value of what you give up when you make a choice

• Opportunity Cost

• Price

• Scarcity

• Economy

Focusing on making one product or service to sell or trade

• Basketball

• Interdependence

• Specialization

• Scarcity

When people depend on each other to provide products that meet needs and wants

• Interdependence

• Surplus

• Price

• Sharks

When you buy, sell, or exchange a good or service for something you want or need

• Exports

• Trade

• Imports

• Specialization

Goods brought in from other countries

• Import

• Interdependence

• Trade

• Bananas

Goods sent out to other countries

• Imports

• Surplus

• Goods

• Exports