economics lll Flashcards
1
Q
productive capacity
A
maximum output possivle
2
Q
division of labor
A
the way work tasks are seperated
3
Q
specialization
A
when a region specializes and it uses the available productive resources to make goods and services
4
Q
market
A
a system of traede
5
Q
global economy
A
what we call the worldwide market where countries buy and sell goods and services
6
Q
interdependance
A
the reliance of people, regions, and countries on each othere to trade goods and services
7
Q
exports
A
a good sold and shipped to another country
8
Q
imports
A
good brought into one country from another
9
Q
trading partners
A
countries and regions that trade togetherb
10
Q
financial security
A
safety in economic matters
