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9 Cards in this Set
- Front
- Back
export
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when a product in one country is then shipped to another country to be sold
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import
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when a product is brought in from another country to be sold
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interdependence
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when two or more things depend on each other
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supply
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the amount of a product that available
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demand
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the need for a product or a service
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trade
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the business of buying and selling goods and services
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profit
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the excess of income over all cost, including the interest cost of the weath invest. (this means making money after one has paid all the expenses in a business).
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competition
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rivalry among individuals in order to acquire more of something that is scarce.
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scarcity
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(scarce) not enough of something, shortage
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