Economic Principles

How much of something is available for people to buy

How many people want or need something

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

When there is more demand for something than supply

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

Focusing on making one product or service to sell or trade

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

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

Goods brought in from other countries

Goods sent out to other countries