PCS Economics Word Scramble
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| Term | Definition |
| specialization | the development of skills or knowledge in one aspect of a job or field of interest |
| division of labor | the allocation of separate tasks to different people, based on the principle of specialization |
| voluntary exchange | the act of willingly trading one item or service for another |
| barter | the direct exchange of goods or services without the use of money; a typical feature of traditional economics |
| coincidence of wants | a situation in which each of two individuals has something the other wants is the basis for barter |
| money | a generally accepted medium of exchange that can be traded for goods and service or sued to pay debts |
| economic interdependence | the characteristic of a society in which people rely on others for most of the goods and services they want |
| trade barrier | a government measure that limits international trade, such as a protective tariff or an import quota |
| Commerce Clause | Article 1, Section 8 of the U.S. Constitution which gives Congress the power to regulate interstate trade |
| 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"_) |
| 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. |
| 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 |
| mass production | large scale manufacturing |
Created by:
Ms.Sala
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