Specialization
Gain From Trade
Trade
Summary
Random
100
the development of skills or knowledge in one aspect of a job or field of interest
What is Specialization
100
the condition that exists when someone can produce a good or service using fewer resources than someone else
What is absolute advantage
100
• It puts goods in the hands of those who value them. • It increases the quantity and variety of goods. • It lowers the cost of goods.
What is Trade
100
specialization lead to economic interdependence
What is People doing what they do best
100
a government measure that limits international trade, such as a protective tariff or an import quota
What is trade barrier
200
the allocation of separate tasks to different people, based on the principle of specialization
What is Division of Labor
200
the condition that exists when someone can produce a good or service at a lower opportunity cost than someone else
What is comparative advantage
200
the total value of all the things a person or a group of people owns
What is wealth
200
People and nations gain from specialization and trade
What is producing goods or services that have the lowest opportunity cost and then trading
200
Article I, Section 8 of the U.S. Constitution, which gives Congress the power to regulate interstate trade
What is commerce clause
300
the act of willingly trading one item or service for another
What is Voluntary Exchange
300
production possibilities frontiers
What is PPF
300
Quantity and Variety of Goods Available
What is Trade Increases
300
Trade increases
What is efficiency
300
the direct exchange of goods or services without the use of money; a typical feature of traditional economies
What is barter
400
a situation in which each of two individuals has something the other wants; the basis for barter
What is coincidence of wants
400
Calculating the Opportunity Costs
What a PPF graphs
400
Lowers the Cost of Goods
What is Trade
400
Increase in Wealth
What is moving goods to people who value them the most
400
1. Proximity to markets: 2. Easy access to raw materials: 3. Availability of labor: 4. Wage rates: 5. Cost of land and impact of tax rates: 6. Government support: 7. Access to transport:
What is factors that may influence where industries are located
500
the characteristic of a society in which people rely on others for most of the goods and services they want
What is economic interdependence
500
Benny "The Jet" Rodriquez
What is Has an Absolute advanatage
500
Trade Creates
What is More Winners than Losers
500
Cananda
What is country America does most trade with
500
Went from unfree to free in one decade
What is Estonia
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