Economics Vocab. Part 2 Flashcards
(10 cards)
What is Productive Capacity?
the maximum output of an economy, or the total amount of goods and services that can be produced
What is Division of Labor?
the way work tasks are separated
What is Specialization?
the concentration of production on fewer kinds of goods and services than are consumed
What is Market?
a system of trade
What is Global Economy?
what we call the worldwide market where countries buy and sell goods and services
What is Interdependence?
relationship in which each member of a group relies on the other members for something they need
What are Exports?
the goods and services that are produced and then sold to other regions or countries
What are Imports?
the goods and services that are bought and brought from other countries or regions
What are Trading Partners?
countries and regions that trade with each other
What is Financial Security?
safety in economic matters
