Economics Pt. 2 Vocab

Question 1

The maximum output of an economy, or the total amount of goods and services that can be produced

Answer 1

Productive Capacity

Question 2

The way work tasks are separated

Answer 2

Division of Labor

Question 3

The concentration of production on fewer kinds of goods and services then are consumed

Answer 3

specialization

Question 4

A system of trade

Answer 4

Market

Question 5

What we call the worldwide market where countries buy and sell goods and services

Answer 5

Global Economy

Question 6

Relationship in which each member of a group relies on the other members for something they need

Answer 6

Interdependence

Question 7

The goods and services that are produced and then sold to other regions and countries

Answer 7

Exports

Question 8

The goods and services that are bought and then brought in from other regions or countries

Answer 8

Imports

Question 9

Countries and regions that trade with each other

Answer 9

Trading Partners

Question 10

Safety in economic matters

Answer 10

Financial Security