Chapter 16, 17, and 18 Vocabulary Flashcards
The maximum output of an economy, or the total amount of goods and services that can be produced.
Productive Capacity
The way work tasks are separated.
Division of Labor
The concentration of production on fewer kinds of goods and services than are consumed.
Specialization
A system of trade.
Market
What we call the worldwide market where countries buy and sell goods and services.
Global Economy
Relationship in which each member of a group relies on the other members for something they need.
Interdependence
The goods and services that are produced and then sold to other regions or countries.
Exports
The goods and services that are bought and brought in from other regions or countries.
Imports
Countries and regions that trade with each other.
Trading Partners
Safety in economic matters.
Financial Security
