vocab part 2 Flashcards
1
Q
productive capacity
A
maximum output possible
2
Q
Division of labor
A
the way work tasks are separated
3
Q
specialization
A
the concentration of production on fewer kinds of goods or services than are consumed by a country
4
Q
market
A
a system of trade
5
Q
global economy
A
is what we call the worldwide market where countries buy and sell goods and services
6
Q
interdependence
A
the reliance of people,regions,and countries on each other to trade goods and services
7
Q
exports
A
a good sold and shipped to another country
8
Q
imports
A
a good brought into one country from another
9
Q
trading partners
A
countries and regions that trade with each other
10
Q
financial security
A
safety in economic matters
