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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