chapter ... economic Flashcards
(13 cards)
1
Q
productive capacity`
A
maximum output possible
2
Q
Division of Labor
A
the way work tasks are separated
3
Q
specialization
A
the concentration of production on fewer kinds of goods and services than are consumed by a country
4
Q
market
A
a system of trade
5
Q
global economy
A
is what we call the world wide market where countries buy and sell goods and services
6
Q
interdependence
A
a relationship in which each member of a group relies on the other members for something they need
7
Q
exports
A
are the goods and services that are produced and then sold to other regions or countries
8
Q
imports
A
are the goods and services that are bought in from other regions or countries
9
Q
trading partners
A
countries and regions that trade with each other
10
Q
financial security
A
safety in economic matters
11
Q
A
12
Q
A
13
Q
A
