Economic Principles

How much of something that is available to buy is called ____.

• supply

• trade

• services

How many people want or need something is called ___.

• specialization

• demand

• goods

When the supply of a good or service is more than the demand it is called ___.

• goods

• opportunity cost

• surplus

When there is more demand for something than supply it is called ___.

• scarcity

• community

• imports

The value of what you give up when you make a choice is called ___.

• opportunity cost

• interdependence

• money

Focusing on making one product or service to sell is called ___.

• scarcity

• specialization

• hard work

When people depend on each other to provide products that meet the needs and wants is called ___.

• trade

• interdependence

• kindness

When you buy, sell, or exchange something you want or need it is called ___.

• services

• demand

• trade

Goods bought from other countries are called ___.

• imports

• scarcity

• toys

Goods sent out of the country are called ___.

• trade

• fruits and vegetable

• exports