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SPECIALIZATION AND TRADE Flashcards | StudBud

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SPECIALIZATION AND TRADE

5 terms·StudBud Administration·56 plays

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Questions 5

Answers

1
WHEN TWO PEOPLE OR COUNTRIES TRADE VOLUNTARY...
ALL OF THE ABOVE
NO ONE FORCES THEM TO MAKE TRADE
THEY SHOULD BOTH THINK THEY ARE BETTER OFF AFTER THE TRADE
THEY EACH HAVE SOMETHING THE OTHER WANTS
2
What was the effect on the production of the model t ford?
there was no effect on production time
production time decreased dramatically
production time increased
production time decreased slightly
3
what is the definition of specializtaion
sending products
A method of production where a business focuses on productio
being special
i dont even know
4
TRADING GOODS AND SERVICES WITH PEOPLE FOR OTHER GOODS AND SERVICES IS CALLED?
DIVISION LABOR
EXTORTION
SCARCITY
EXCHANGE
5
WHEN THE PRODUCTION OF A GOOD IS BROKEN INTO SEVERAL SEPARATE TASKS IS CALLED?
PRODUCTIVITY
ENTREPRENEURSHIP
UNEMPLOYMENT
DIVISION OF LABOR