eco chap 3 Flashcards
1
Q
division of labor
A
the way work tasks are separated
2
Q
productive capacity
A
the maximum output possible
3
Q
specialization
A
the concentration of production on fewer kinds of goods or services that are consumed by a country
4
Q
a system of trade
A
market
5
Q
Global economy
A
the world wide market where countries buy and sell goods and services
6
Q
interdependence
A
a relationship in which each member of a group relies on the other members for something they need
7
Q
Exports
A
the goods and services that are produced then sold to other regions and countries
8
Q
imports
A
the goods and services that are bought and brought from other in from countries
9
Q
exports
A
