Chapter 16+17+18 Vocab Flashcards

1
Q

Productive Capacity

A

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

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2
Q

Division Of Labor

A

the way work tasks are separated

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3
Q

Specialization

A

The consecration of production on fewer kinds of goods and services than are consumed

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4
Q

Market

A

A system of trade

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5
Q

Global Economy

A

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

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6
Q

Interdependence

A

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

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7
Q

Exports

A

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

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8
Q

Imports

A

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

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9
Q

Trading Partners

A

Countries and regions that trade with other countries.

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10
Q

Financial Security

A

Safety in economics matters.

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