economics vocab part ll Flashcards
(10 cards)
1
Q
market
A
A system of trade.
2
Q
imports
A
Are goods and services that are bought and brought in from other countries
3
Q
exports
A
are goods and services that are produced then sold to other regions or countries.
4
Q
Trading partners
A
countries and regions that trade with each other.
5
Q
financial security
A
safety in economic matters.
6
Q
interdependence
A
A relationship that each group relies on the other for something they need.
7
Q
global economy
A
a market where different countries trade goods and services with each other.
8
Q
specialization
A
Is when a region uses the available to make goods and services easily and at a low cost.
9
Q
division of labor
A
Is the way work tasks are separated.
10
Q
productive capacity
A
The maximum output of an economy, or the total of goods and services able to be produced.
