market, a group of buyers and seller of a particular good or service., consumers, Those that buy goods and services., producers, Those that create or sell goods and services., specialization, The development of skills in a specific kind of work or product., opportunity cost, The cost of the next best use of money and time when a choice is made over another., scarcity, Limited quantities of resources to meet unlimited demands., capital, money for investment., revenue, The money that is received after a purchase., profit, total revenue minus total cost., goods, Physical objects such as clothes or shoes., services, actions or activities that can be consumed (like haircuts or food services), competition, The struggle among producers for the dollars of consumers, inflaton, a general and progressive increase in prices., recession, a slowdown in a nation's economy, import, brings goods and services into a country from abroad, export, Sending goods or services out of a country for sale., trade barriers, Taxes, quotas, and other restrictions on goods entering or leaving a country., free trade, international trade free from trade barriers like taxes., tariff, a government tax on imports or exports, trade, exchange of goods or services.

Basic Economic Terms

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