10. How can specialization encourage trade between countries help consumers?

What is a private business?

What is a public business?

What is the act of using up of a resource?

The idea that resources are limited; we don't have an unlimited supply of what we want

How much of something is available

The benefit you give up by choosing to do one thing instead of another

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?

Goods and services produced in other countries and sold at home

A focus on developing only certain skills or producing only certain goods/services

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