Economics Vocabulary

3. Goods and services are produced in better quality, quantity and speed when people focus on producing a few things instead of making everything they want by themselves
4. The substance with which you make bread
6. board, timber, or wood
10. A relationship between countries in which they rely on one another for resources, goods, or services
11. Exchange of goods and services
12. to settle by discussing
15. Arrangement of resources across Earth
16. Limited quantities of resources to meet unlimited wants
17. An amount that must be paid or spent to buy or obtain something

1. Advantages
2. Weighing the costs and benefits of alternatives in making an economic decision
5. A situation in which a good or service is produced at the lowest possible cost
7. Exchange goods without involving money
8. A rock that contains a large enough concentration of a mineral making it profitable to mine
9. All the things used in producing goods and services
13. More of something than is needed
14. A block of hard material used in building