Scarcity is when something is scarce which means its running out and that it isn't going to be there in a few years. scarcity is separated into factors land, labour, capital and entrepreneurship

Interdependence is when one thing would rely on another thing to work. e.g the flow diagram businesses rely in consumers to buy and the consumers rely on the businesses to pay the to work so they can buy products

Making choices is when you make a choice if you buy what you want or need. e.g If you have $500 dollars for 2 weeks do you buy enough food to last you a week which you need or do but a play station 4 that is a want not a need

the economic performance is the performance of how you live like if you live in a bad area you have a low economical performance. Key indicators of economic performances include: Gross Domestic Product (GDP), inflation and unemployment rate

Specialization and trade is when one country specializes in making a particular thing like in England they specialize in Dues brand of cricket ball so they would trade or sell it to different countries

Allocation and markets is the way we distribute our goods and services

labour is where worker sell their skills and knowledge and effort to employers

foreign exchange is the largest market in the world it is where difference currencies around the world are bought and sold