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Economic Interdepend

Economic Interdependence (Economics Sect. 4 & 5)

TermDefinition
Interdependence Nations depend on other nations for many goods and services.
Economic Independence When countries do not rely on other countries for goods and services.
Imports Goods brought to the United States from other countries.
Exports Goods sold to other countries from the United States.
Specialization Concentrating on doing what they do best.
International Trade The buying and selling of goods among nations.
Absolute Advantage What one country does best in relation to other countries.
Comparative Advantage When a country puts their money, resources, and labor force into making something at which they are efficient--the products it makes the best.
Created by: betsywellman
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