3rd Econ Vocab Words

How much of something is available for people to buy:

• Supply

• Demand

• Scarcity

• Opportunity Cost

How many people want or need something:

• Specialization

• Imports

• Demand

• Trade

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

• Trade

• Surplus

• Exports

• Specialization

When there is more demand for something than supply:

• Supply

• Scarcity

• Interdependence

• Opportunity cost

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

• Opportunity cost

• Trade

• Demand

• Exports

Focusing on making one product or service to sell or trade:

• Imports

• Surplus

• Trade

• Specialization

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

• Opportunity cost

• Interdependence

• Surplus

• Trade

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

• Demand

• Interdependence

• Trade

• Opportunity cost

Goods brought in from other countries:

• Imports

• Exports

• Surplus

• Trade

Goods sent out to other countries:

• Exports

• Trade

• Supply

• Demand