Economics vocab Part 2 S.S :] Flashcards
1
Q
Maximum output of an economy.
A
Productive Capacity
2
Q
The way work tasks are separated.
A
Division of Labor
3
Q
The concentration of production on fewer kinds of goods and services than are consumed.
A
Specialization
4
Q
A system of trade.
A
Market
5
Q
The world wide market where countries buy and sell goods and services.
A
Global Economy
6
Q
Relationship in which each member of a group relies on the other members for something they need.
A
Interdependence
7
Q
The goods and services that are produced and then sold to other regions or countries.
A
Exports
8
Q
The goods and services that are bought and brought in from other regions or countries.
A
Imports
9
Q
Countries and regions that trade with each other.
A
Trading Partners
10
Q
Safety in economic matters.
A
Financial Security
