What is specialization in economics?

Global Trade and Economics Flashcard

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1.
FLASHCARD QUESTION
Front
Back
Focusing resources on producing specific goods or services
2.
FLASHCARD QUESTION
Front
What term describes when countries depend on each other for trade?
Back
Interdependence
3.
FLASHCARD QUESTION
Front
Which of these is considered a capital good? Options: Coal miners, Oil reserves, Factory equipment, Skilled workers
Back
Factory equipment
4.
FLASHCARD QUESTION
Front
What is the definition of an import?
Back
Goods bought from other countries
5.
FLASHCARD QUESTION
Front
What is an export?
Back
Goods and services sold to other countries
6.
FLASHCARD QUESTION
Front
What are trading partners?
Back
Countries that trade goods and services with each other
7.
FLASHCARD QUESTION
Front
What is a productive resource?
Back
Natural, human, or capital resources used to make goods
8.
FLASHCARD QUESTION
Front
What is an entrepreneur in the context of global trade?
Back
Someone who takes risks to start a business.
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