Specialization and Trade

Front

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

Back

Standard of Living

Front

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

Back

Gross Domestic Product (GDP)

Front

Goods are __________________________________.

Back

a physical item that can be purchased.

Front

A doctor treating his patient. This is an example of a ___________________.

Back

service

Front

A waitress bringing food to your table. This is an example of a _________________ .

Back

service

Front

The new PS5 is an example of a__________.

Back

good

Front

The three main factors of production are: school, work, and retirement; land, labor, and capital; economy, specialization, and trade; goods, services, and people

Back

land, labor, and capital

Front

Specialization focuses on producing______________.

Back

one particular kind of activity or product.

Front

Interdependence is

Back

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

Front

A tax on imports

Back

tariff