Unit 5 Vocab Part 2

being an expert in one product, job, or service

• specialization

• want

• demand

• shortage

dependent on others for some needs

• shortage

• want

• demand

• interdependence

money a bank makes when you borrow money from them.

• interest

• demand

• shortage

• specialization

duties that you must complete in order to do your job

• supply

• shortage

• demand

• job responsibilites

the amount of goods available to be bought

• overproduction

• shortage

• supply

• underproduction

includes the knowledge, skills, and working conditions for a specific job

• overproduction

• job characteristics

• demand

• underproduction

someone who works for themself

• consumer

• value

• entrepreneur

• needs

the production of less than enough to satisfy the demand or less than the usual amount

• underproduction

• supply

• opportunity cost

• shortage

producers battling over who can make the most profit

• economy

• competition

• needs

• wants

 something that has to be given up in order to make an economic decision- the item you cannot purchase

• competition

• opportunity cost

• services

• supply