Economics Vocabulary Chapter 4
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| specialization | the development of skills or knowledge in one aspect of a job or field of interest
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| division of labor | the allocation of separate tasks to different people, based on the principle of specialization
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| voluntary exchange | the act of willingly trading one item or service for another
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| barter | the direct exchange of goods or services without the use of money; a typical feature of traditional economics
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| coincidence of wants | a situation in which each of two individuals has something the other wants is the basis for barter
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| money | a generally accepted medium of exchange that can be traded for goods and service or sued to pay debts
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| economic interdependence | the characteristic of a society in which people rely on others for most of the goods and services they want
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| trade barrier | a government measure that limits international trade, such as a protective tariff or an import quota
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| Commerce Clause | Article 1, Section 8 of the U.S. Constitution which gives Congress the power to regulate interstate trade
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| absolute advantage | the condition that exists when someone can produce a good or service using few resources than someone else (look for the word "do it yourself"_)
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| comparative advantage | the condition that exists when someone can produce a good or service at a lower opportunity cost than someone else (look for the word "specialized") ex. New York has advantage on apples, Vermont has advantage on maple syrup.
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| wealth | the total value of all the things a person or group of people owns (It doesn't necessarily mean money) - land, family, intelligence, common sense
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| mass production | large scale manufacturing
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To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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