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A focus on developing only certain skills or producing only certain goods/services
Imports
consumption
Anything owned by the government.
supply
Specialization
Specialization increases trade because countries can get what they need/want at the lowest cost.
Scarcity
Specialization
Goods and services produced in other countries and sold at home
Imports
consumption
Anything owned by the government.
supply
Specialization
Specialization increases trade because countries can get what they need/want at the lowest cost.
Scarcity
Specialization
4. Read the following two statements: 1. Nation A produces cars more efficiently than it can grow food crops. 2. Nation A produces cars and buys food from Nation B. What principle of economics is illustrated by these two statements?
Imports
consumption
Anything owned by the government.
supply
Specialization
Specialization increases trade because countries can get what they need/want at the lowest cost.
Scarcity
Specialization
What is the act of using up of a resource?
Imports
consumption
Anything owned by the government.
supply
Specialization
Specialization increases trade because countries can get what they need/want at the lowest cost.
Scarcity
Specialization
The idea that resources are limited; we don't have an unlimited supply of what we want
Imports
consumption
Anything owned by the government.
supply
Specialization
Specialization increases trade because countries can get what they need/want at the lowest cost.
Scarcity
Specialization
How much of something is available
Imports
consumption
Anything owned by the government.
supply
Specialization
Specialization increases trade because countries can get what they need/want at the lowest cost.
Scarcity
Specialization
10. How can specialization encourage trade between countries help consumers?
Imports
consumption
Anything owned by the government.
supply
Specialization
Specialization increases trade because countries can get what they need/want at the lowest cost.
Scarcity
Specialization
What is a public business?
Imports
consumption
Anything owned by the government.
supply
Specialization
Specialization increases trade because countries can get what they need/want at the lowest cost.
Scarcity
Specialization
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