Chapter 16,17,and 18

Question 1

productive capacity

Answer 1

is the maximum output of an economy or the total amount of goods an services that can be produced

Question 2

Division of labor

Answer 2

is a way tasks are separated

Question 3

Specialization

Answer 3

The availability of all productive resources including natural resources, Human resources, Capital goods, And entrepreneurship.

Question 4

Market

Answer 4

A system of trade.

Question 5

Global economy

Answer 5

is what we call the worldwide market where countries buy and sell goods and services.

Question 6

interdependence

Answer 6

relationship in which each member of a group relies on the other member for something they need

Question 7

exports

Answer 7

are the goods and services that are produced and then sold to other regions and countries.

Question 8

imports

Answer 8

Are the goods and services bought and brought in from other regions or countries

Question 9

trading partners

Answer 9

countries and regions that trade with each other

Question 10

financial security

Answer 10

safety in economic matters