Week 29 Economic Principles

1. According to the article, what does the word "specialization" mean?

• Being a generalist in various fields
• Having no specific skills or expertise
• Focusing on multiple areas without depth
• a focus on making one product to sell.

2. According to the article, what does the word "interdependence" mean?

• Individualism
• Self-sufficiency
• Isolation
• when people depend on each other to provide products to sell.

3. 3. According to the text, what does the word "trade" mean as it is used in the sentence?

• exchanging gifts
• sharing knowledge
• giving compliments
• buying and selling goods or services

4. According to the text, what does the word "export" mean as it is used in the sentence?

• Storing goods or services in a warehouse
• Sending goods or services to another country for sale or trade.
• Producing goods or services for domestic use
• Importing goods or services from another country

5. According to the text, what does the word "import" mean?

• goods that are brought in from another country or state.

• to distribute goods or services locally
• to produce goods or services domestically
• to export goods or services out of a country

6. Communities have different resources. They use these resources to produce​ (a)  

• goods and services
• food and water
• tools and equipment

7. ​ (a)   ​ ​ (b)  

• _____, ______, ______ can depend on each other.
• People, businesses, countries
• Animals, plants, minerals
• Red, green, blue
• Math, science, history
• Summer, fall, winter

8. According to the text under the subheading "Trade", what does it mean by the statement "People around the world depend on each other?

• People rely on each other for goods and services.

• People rely on robots instead of each other for goods and services
• People only rely on their immediate family for goods and services
• People are self-sufficient and do not rely on others

9. According to the text, what does it mean by "Most communities sell their specialized products to other communities?"

• Communities sell their specialized products to other communities for personal gain.
• Communities sell their specialized products to other communities for free.
• Communities sell their specialized products to other communities in exchange for goods or services that they do not produce themselves.
• Communities sell their specialized products to other communities to reduce competition.

10. According to the text, how does trade affect exports?

• Trade leads to a decrease in export levels.
• Trade has no impact on exports.
• without trade, there would be no exports.

• Trade decreases the volume of goods and services exchanged between countries, resulting in higher export levels.