chapter 16 Flashcards
(10 cards)
1
Q
productive capacity
A
maximum output of an economy
2
Q
division of labor
A
way work tasks are separated
3
Q
specialization
A
the concentration of production on fewer kinds of goods or services
4
Q
Market
A
a system of trade
5
Q
Global Economy
A
what we call the worldwide market where countries buy and sell
6
Q
Interdependence
A
the reliance of people regions and countries on each to trade goods & services
7
Q
Exports
A
a good sold and shipped to another country
8
Q
imports
A
goods brought into one country from another
9
Q
trading partners
A
country’s and regions that trade with each other are trading partners
10
Q
financial security
A
Financial security is a state where you feel confident in your ability to manage your finances and meet your needs
