Money
Economics
The study of the making, buying and selling of goods and services
Specialization
When an individual or a company does one part of a task and relies on other parts of the task
profit
The positive gain from an investment or business after subtracting expenses
Taxes
The money that the government collects from individuals and businesses to pay for public goods and services.
Interdependence
When people depend on one another
supply
The amount of something available for use
producer
Anyone who makes or grows a good or performs a service
Opportunity cost
The process of choosing one good or service over another one.
Scarcity
There is a limited supply of something
Service
Any kind of work performed for others
Good
Something you can feel or any kind of merchandise
Interdependence
when people depend on one another
Entrepreneur
A person who comes up with a product or service, or a better way to produce one