economics vc part ll

Question 1

Productive capacity

Answer 1

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

Question 2

division of labor

Answer 2

is the way work tasks are separated.

Question 3

specialization

Answer 3

the concentration of production on fewer kinds of goods and services than are consumed.

Question 4

Market

Answer 4

a system of trade

Question 5

Global Economy

Answer 5

its what we call the worldwide market where countries buy and sell goods and services.

Question 6

Interdependence

Answer 6

relationship in which each member of a group rules on the other members for something they need

Question 7

Exports

Answer 7

are the goods and services that are produced and then sold to other regions or country.

Question 8

imports

Answer 8

are the goods and services that are bought and brought in from other regions or countries.

Question 9

Trading Partners

Answer 9

when countries and regions trade with each other.

Question 10

Financial Security

Answer 10

safety in economic matters.