Supply and Demand by Caff

Front

Supply

Back

How much of something is available for people to buy

Front

Demand

Back

How many people want or need something

Front

Surplus

Back

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

Front

Scarcity

Back

When there is more demand for something

Front

Opportunity Cost

Back

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

Front

Specialization

Back

Focusing on making one product or service or trade

Front

Interdependence

Back

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

Front

Trade

Back

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

Front

Import

Back

Goods brought in from other countries

Front

export

Back

Goods sent out to other countries