Specialization and Trade

The amount of goods and services available per person in an economy.

• GDP

• Specialization

• Standard of Living

• Interdependence

The total dollar amount of all final goods and services produced in a country in a year.

• Gross Domestic Product (GDP)

• Gross Domestic Product per Capita

• Standard of Living

• Exports

Goods are __________________________________.

• places where you can buy stuff.

• a physical item that can be purchased.

• the way I am supposed to behave.

• an activity, such as banking or car repair, that people pay for.

A doctor treating his patient.

This is an example of a ___________________.

• service

• good

A waitress bringing food to your table.

This is an example of a _________________.

• goods

• service

The new PS5 is an example of a__________.

• good

• service

The three main factors of production are:

• school, work, and retirement

• land, labor, and capital

• economy, specialization, and trade

• goods, services, and people

Specialization focuses on producing______________.

• a variety of activities or products.

• one particular kind of activity or product.

Interdependence is

• when one country is self sufficient and does not rely on other countries for goods or services.

• when two or more countries rely upon each other for goods and services.

A tax on imports

• tariff

• import tax

• supply

• embargo