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

Economics Unit 2 Specialization and Government Regulation

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•
Social Studies
•
11th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Absolute advantage
2.
FLASHCARD QUESTION
Front
the condition that exists when someone can produce a good or service at a lower opportunity cost than someone else
Back
Comparative advantage
3.
FLASHCARD QUESTION
Front
the act of willingly trading one item or service for another
Back
Voluntary Exchange
4.
FLASHCARD QUESTION
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
5.
FLASHCARD QUESTION
Front
When countries specialize and trade, they
Back
become economically interdependent.
6.
FLASHCARD QUESTION
Front
What is the primary role of government regulations in business?
Back
To ensure fair competition and consumer protection
7.
FLASHCARD QUESTION
Front
What is a potential risk associated with deregulation?
Back
Market instability and consumer harm
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