economics pt. ll Flashcards
1
Q
productive capacity
A
total goods and services that can be produced
2
Q
division of labor
A
the way tasks are seperated
3
Q
what is the goal of division of labor?
A
positively impact productive capacity
4
Q
positive impact
A
a benefitial effect
5
Q
negative impact
A
unpleasant effect
6
Q
how do you create high and low capacity
A
focus on strategies that expand resources
7
Q
what influences could limit productive resources
A
politics and government
8
Q
global economy
A
worldwide market
9
Q
how does specialization and trad elead to interdependance
A
they rely on other countries for goods and services
10
Q
import
A
bringing goods and services into a country
11
Q
export
A
send goods and services out to another country
12
Q
specialization
A
when a region specializes and uses the productive resources to make goods and services
