Unit One Lesson Four Economics

Front

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

Back

Absolute advantage

Front

the direct exchange of goods or services without the use of money; a typical feature of traditional economies

Back

Barter

Front

the condition that exists when someone can produce a good or service at a lower opportunity cost than someone else

Back

Comparative advantage

Front

the allocation of separate tasks to different people, based on the principle of specialization

Back

Division of labor

Front

The characteristic of a society in which people rely on others for most of the goods and services they want.

Back

Economic Interdependence

Front

a generally accepted medium of exchange that can be traded for goods and services or used to pay debts

Back

Money

Front

the development of skills or knowledge in one aspect of a job or field of interest

Back

Specialization

Front

the act of willingly trading one item or service for another

Back

Voluntary Exchange

Front

Which of the following would likely discourage specialization in an area?

Back

a lack of good transportation

Front

An athletic person picks fruit, and their sociable friend sells the fruit. This is an example of

Back

division of labor.