Unit 5 Vocab - Economics Flashcards
1
Q
Needs
A
The things you need to survive
2
Q
Wants
A
the things you want to make your life easier/more entertaining
3
Q
Specialization
A
When a person/company focuses on producing a specific/unique product or service
4
Q
Import
A
To bring in goods and services from a foreign country to sell/trade
5
Q
Export
A
To sell goods and services to to a foreign country to sell/trade
6
Q
Trade
A
Exchange of goods or services
7
Q
Interdependence
A
When two or more individuals/groups rely on each other
8
Q
Embargo
A
When the government prohibits/prevents trade with a foreign country
