StUdY 4 ThIs HaRd

trade
the exchange of goods and services between people
productive resources
all natural, human, and capital resources used in the production of goods and services
import
goods and services bought from sellers in another nation
specialization
training and the ability to produce a particular type of good or service
supply
the available quantity of a good, product, or resources available
human resources
physical and mental ability of workers
scarcity
this occurs when wants are greater than the resources necessary to satisfy
natural resources
gifts of nature including water, minerals, oil, and land
technology
knowledge used to produce goods and services
income
money or other goods received for labor, services, property, or investments
trade barriers
physical, economic, or cultural reasons that stops trade
export
goods and services produced in one nation but sold to buyers in another nation
capital resources
machines, equipment, buildings, and money
demand
people’s desires for a particular item
opportunity cost
this is your second choice…what you gave up to get something lost…opportunity lost
productivity
the amount of a produce that is produced during a time period

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