economics part 2 Flashcards
1
Q
the maximum product output a company can produce using its available resources over a specified amount of time
A
productive capacity
2
Q
what is the goal in the division of labor
A
to become better at their job
3
Q
what needs to be done to have the highest potential increasing productive capacity
A
investments in capital technology human capital and improvements in efficiency and productivity
4
Q
narrowing the production of goods to only a few different items
A
specialization
5
Q
what are influences that could limit productive resources
A
not enough resources available to satisfy the needs of others
6
Q
other name for global economy
A
national economies
7
Q
how do specialization and trade lead to interdependence among counties
A
through trade countries can can have more varitiys of goods
