chapter 16-18 Flashcards
(10 cards)
specialization
the concentration of production on fewer kinds of goods and services than are consumed
productive capacity
the maximum output of an economy, or the total amount of goods and services that can be produced
division of labor
the way work tasks are separated
market
a system of trade
global economy
what we call the worldwide market where countries buy and sell goods and services
interdependence
relationship in which each member of a group relies on the other members for something they need
exports
the goods and services that are produced and then sold to other regions or countries
imports
the goods and services that are bought and brought in from other regions or countries
trading partners
countries and regions that trade with each other
financial security
safety in economic matters
