Scarcity - Wants are unlimited. Resources are limited. It forces people to prioritize and choose., Specialization - Goods and services are produced in better quality and at faster speeds when people focus on producing a few things., Interdependence - People, businesses, and nations depend on the goods and services of others., Supply - The amount of resources, goods, or services sellers are willing to sell at possible prices., Demand - How much people want of a good or service at a certain price at a certain time., Traditional Economic System - Answers the questions of an economic system by what has been done in the past, Market Economic System - Answers the questions of an economic system by what individuals and businesses decide, Globalization - The way countries and people of the world interact and integrate economically, politically and socially and can have both benefits and costs for a nation.,

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