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Vocabulary
International Trade
Supply and Demand
Vocabulary 2
Miscellaneous
100

People who make goods and provide services 

Producers 

100

What is International Trade/Global Trade

Trade between two different countries

100
Define supply
The amount of a good or service available
100

Is a guitar a want or a need?

Want

100

Is it better for a country to import more goods or export more goods? 

Export because they are selling good and making money. 

200
Money paid for work
Wage
200
To bring products and services in from another country
Import
200
When the supply is high, and the demand is low, the price is __________
Low
200
Items that satisfy peoples wants and needs
Goods
200

If the demand for a good is more than the supply. 

Shortage 

300
The money people and businesses pay the government to support its functions
Taxes
300
Why do countries import and export goods?
To get goods they do not have available locally
300
Define demand
The amount of a good or service that is wanted
300
People who buy goods and services
Consumers
300
Give an example of competition
Answers will vary
400
When different companies make and sell the same product
Competition
400
To send a product or resource from one country to another
Export
400
When the supply is low, and demand is high, the price is ____________
High
400
A place where economic activity occurs
Market
400
Describe economics in your own words
The study of how people spend their money on goods and services available.
500
Activities that satisfy peoples wants and needs
Services
500

How has technology changed the global trade market?

Payment methods are much faster, small businesses can sell their goods to other countries and we can track our packages. 

500
A huge hurricane hit Costa Rica and all of the banana crops were ruined. How would this affect the price of bananas?
The price would go up
500
When you don't have enough of what you need
Scarcity
500

If the supply of a good is more than the demand.

Surplus