Economics Unit 2 Specialization and Government Regulation

Front

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

Back

Absolute advantage

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 act of willingly trading one item or service for another

Back

Voluntary Exchange

Front

Which of the following is the best example of specialization? Options: Workers use their skills to be self-sufficient. An online clothing outlet offers customized monograms focus on local trade and economies An assistant in a tailoring shop only replaces zippers

Back

An assistant in a tailoring shop only replaces zippers

Front

When countries specialize and trade, they

Back

become economically interdependent.

Front

What is the primary role of government regulations in business?

Back

To ensure fair competition and consumer protection

Front

What is a potential risk associated with deregulation?

Back

Market instability and consumer harm

Front

What is the economic principle that describes the benefit of focusing on a limited scope of production?

Back

Specialization

Front

Which of the following is a consequence of a lack of government regulation in markets? Potential for monopolies, Increased consumer protection, Stable pricing, Enhanced market competition

Back

Potential for monopolies

Front

What is the term for the economic condition where countries rely on each other for goods and services?

Back

Economic interdependence