involves the production distribution and consumption of products and services

things we must have to live such as food and water

things we would like to have but do not need to survive

products we buy

something we pay other people to do for us

people who grow and raise food or make a prodcuts

the person who buys a good or service

a way for countries to get the things their citizens need from other countries

bringing resources and good IN to one from FROM another

sending extra resources and good TO another country

term used when there is not enough of a good to be sold

term used when there is too much of a good to be sold

high supply + low demand =

low supply + great demand =

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