chapter 6 vocab Flashcards
the maximum output or production that an economy, industry, or individual can sustain given the available resources, technology, and labor.
Productive Capacity
the assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.
Division of labor
he process of concentrating on and becoming expert in a particular subject or skill.
Specialization
an area or arena in which commercial dealings are conducted.
Market
the interconnected worldwide economic activities, encompassing the exchange of goods, services, capital, and technology across national borders, and the increasing interdependence of national economies.
Global Economy
the dependence of two or more people or things on each other.
Interdependence
send goods or services to another country for sale.
Exports
bring goods or services into a country from abroad for sale.
Imports
having enough resources to comfortably cover your expenses, handle unexpected situations, and plan for the future with a sense of stability and confidence.
Financial Security
a person, organization, or country with whom someone regularly conducts business, either buying or selling goods or services.
Trading Partners
