Economics Chapter 16-17

Question 1

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

Answer 1

Productive capacity

Question 2

the way work tasks are separated

Answer 2

DIvision labor

Question 3

the concentration of production on fewer kinds of goods and services that can be consumed

Answer 3

specialization

Question 4

a system of trade

Answer 4

market

Question 5

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

Answer 5

global economy

Question 6

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

Answer 6

interdependence

Question 7

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

Answer 7

exports

Question 8

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

Answer 8

imports

Question 9

countries and regions that trade with each other

Answer 9

trading partners

Question 10

safety in economic matters

Answer 10

financial security