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WorksheetsWhy Trade? Vocabulary 1
Total questions: 8
Worksheet time: 4mins
Trade of goods without being forced to do so
scarcity
voluntary exchange
interdependence
coercion
People rely on multiple groups of people to get the resources that they want and need.
independence
dependence
interdependence
multidependence
A calculated average of the amount of goods and services per person in a country.
standard of living
interdependence
scarcity
productive resources
The condition of not being able to get all the goods & services one wants. It exists because human demand for goods & services exceed the quantity of goods & services that can be produced using all the available resources.
scarcity
surplus
coercion
voluntary exchange
Foreign goods being sold in your own country.
imports
exports
Domestic goods being sold in other countries.
imports
exports
Exchanging goods, services, or for other goods, services, or resources; or for money
trade
exports
imports
globalization
Used to produce or provide a good or service (i.e. land, labor capital goods)
productive resources
unproductive resources
things & stuff
tools/technology
