the condition that exists when someone can produce a good or service using fewer resources than someone else

Gains of Trade Vocabulary

Flashcard
•
Social Studies
•
9th - 12th Grade
•
Hard
Admir Salihagić
Used 1+ times
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12 questions
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1.
FLASHCARD QUESTION
Front
Back
absolute advantage
2.
FLASHCARD QUESTION
Front
the direct exchange of goods or services without the use of money; a typical feature of traditional economies
Back
barter
3.
FLASHCARD QUESTION
Front
the condition that exists when someone can produce a good or service at a lower opportunity cost than someone else
Back
comparative advantage
4.
FLASHCARD QUESTION
Front
the allocation of separate tasks to different people, based on the principle of specialization
Back
division of labor
5.
FLASHCARD QUESTION
Front
the characteristic of a society in which people rely on others for most of the goods and services they want
Back
economic interdependence
6.
FLASHCARD QUESTION
Front
large-scale manufacturing
Back
mass production
7.
FLASHCARD QUESTION
Front
a generally accepted medium of exchange that can be traded for goods and services or used to pay debts
Back
money
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