ss chap 16 17 and 18

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

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

Question 6

Interdependence

Answer 6

relationship is which each member of a group relies 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 countries.

Question 8

Imports

Answer 8

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

Question 9

Trading Partners

Answer 9

countries and regions that trade with each other are trading partners

Question 10

Financial Security

Answer 10

safety in economic matters