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The fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources.

The cost of an alternative that must be forgone in order to pursue a certain action.

The principle that an increase in price results in an increase in quantity supplied, and vice versa.

The principle that an increase in price results in a decrease in quantity demanded, and vice versa.

Relationship between the amount of product and the desire for the product

The study of how people seek to meet their needs and wants by making choices

Exchange of goods and services between people, shaping societies and economies.

Established long-distance routes for exchanging grains, metals, and textiles, contributing to the development of complex societies.

Utilized the Nile River for trading gold, ivory, and incense, enriching the economy and promoting cultural exchange.

Connected China with the Mediterranean, facilitating the exchange of silk, spices, and ideas, impacting East-West connections.

European exploration leading to new trade routes, impacting the global economy and enabling global cultural and goods exchange.

Modern technology and transportation enabling global trade, fostering international relations and economic growth.

Study of how individuals and societies make choices with limited resources

Situation where there are not enough resources to fulfill all wants and needs

The value of the next best alternative that is given up when a choice is made

The relationship between the price of a good or service and the quantity demanded by consumers

The exchange of goods and services between people or entities

Historical trade route that connected China with the Mediterranean, facilitating cultural and economic exchange

Period of European exploration and establishment of trade networks, leading to global interconnectedness

The increasing interconnectedness and ease of trade of goods and services across the world

Transformation of production methods and work, leading to significant social and economic changes during the late 1700s and 1800s

English immigrant who played a key role in establishing the first successful textile mills in the United States

The first integrated textile mill in the United States, pioneering the factory system

The War of 1812 led to the realization of the need for domestic production and improved transportation infrastructure in the United States

A crucial invention for transportation and industrial processes during the Industrial Revolution, revolutionizing travel and manufacturing

Man-made waterway connecting Lake Erie and the Hudson River, significantly enhancing trade and transportation in the northeastern United States

The emergence and rapid growth of large urban centers around factories and industrial hubs during the Industrial Revolution

Inventor of the electrical telegraph in 1837, revolutionizing long-distance communication