Specialization Flashcard review

Front

Which country might trade its agricultural technology for petroleum? Options: Nigeria, South Africa, Saudi Arabia, Israel

Back

Israel

Front

Why are most countries better off specializing in the production of particular goods, and then trading with other nations to obtain whatever else they need?

Back

Resources are not evenly distributed among countries.

Front

Country X can manufacture a particular product better and at a lower cost than country Y can.
What conclusion can be drawn from this situation?

Back

Country X should sell that product to Country Y.

Front

What principle of economics is illustrated by the following statements?
1. Nation A produces cars more efficiently than it can grow food crops.
2. Nation A produces cars and buys food from Nation B.

Back

Specialization

Front

Which would be the best title for this graphic organizer?
Options: Positive and Negative Effects of a Command Economy, The Average Cost of Producing Goods and Services, The Benefits of Specialization and Trade, Improving the Skills of a Country's Workforce

Back

The Benefits of Specialization and Trade

Front

Countries benefit by specializing in the production of a limited number of goods.
How does this situation encourage trade among countries?

Back

Since a country cannot produce all of its needs, it makes sense for it to specialize in what it can produce efficiently, then trade with another country that specializes in what it needs.

Front

What is the Middle East's most important resource? Options: timber, land, oil, copper

Back

oil

Front

An economic exchange in which all sides agree to participate because they expect to benefit.

Back

Voluntary Trade

Front

What is "economic specialization"?

Back

producing those goods a country can make most efficiently so they can trade them for goods made by others that cannot be produced locally

Front

The economies of Israel, Saudi Arabia, Turkey, and Iran could be best described as

Back

Mixed Market