econamics

Question 1

Productive Capacity

Answer 1

the maximum possible output of an economy

Question 2

Division of Labor

Answer 2

the assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.

Question 3

Specialization

Answer 3

an entity (individual, firm, or country) focusing its resources and efforts on a specific activity or a narrow range of goods/services to increase efficiency and productivity.

Question 4

Market

Answer 4

where buyers and sellers interact to exchange goods, services, or assets, with prices tending towards equality based on supply and demand.

Question 5

Global Economy

Answer 5

the interconnectedness and interdependence of national economies, where goods, services, capital, and people flow across borders, creating a single, large economic system

Question 6

interdependence

Answer 6

the mutual dependence of the participants in an economic system who trade in order to obtain the products they cannot produce

Question 7

Exports

Answer 7

movable goods produced within the boundaries of one country, which are traded with another country

Question 8

Imports

Answer 8

goods produced outside the boundaries of one country, which are then purchased by that country

Question 9

Trading Partners

Answer 9

a person, organization, or country with whom somebody customarily does business

Question 10

Financial Security

Answer 10

being able to meet basic needs, cope with unexpected events, build assets, and experience economic mobility