Global Trade and Economics Flashcard

Front

What is specialization in economics?

Back

Focusing resources on producing specific goods or services

Front

What term describes when countries depend on each other for trade?

Back

Interdependence

Front

Which of these is considered a capital good? Options: Coal miners, Oil reserves, Factory equipment, Skilled workers

Back

Factory equipment

Front

What is the definition of an import?

Back

Goods bought from other countries

Front

What is an export?

Back

Goods and services sold to other countries

Front

What are trading partners?

Back

Countries that trade goods and services with each other

Front

What is a productive resource?

Back

Natural, human, or capital resources used to make goods

Front

What is an entrepreneur in the context of global trade?

Back

Someone who takes risks to start a business.