scarcity - when there are not enough goods to meet people's wants, opportunity cost - Is the next thing you give up when choosing between two or more items., goods and services - goods are things you can touch, services are activities provided by people, allocate - to pass something out such as goods, trade - the movement of goods from one person or country to another, barter - to trade without money, by trading a good or service in return, savings - to set aside money to buy goods or services in the future,

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