economic vocab part 2 Flashcards
(10 cards)
1
Q
maximum output possibles
A
productive capacity
2
Q
the way of work tasks are separated.
A
division of labor
3
Q
the concentration of production on fewer kinds of goods and services than returned.
A
specialization
4
Q
relationship in which each member of a group relies on the other members for something they need
A
interdependence
5
Q
A
6
Q
are goods and services that are produced and then sold to other regions or countries
A
imports
7
Q
are goods and services that are produced and then sold to other regions or countries.
A
exports
8
Q
is what we call world wide market where countries buy and sell goods and services.
A
global economy
9
Q
a system of trade
A
market
10
Q
safety in economic matters
A
financial security
