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PCS Economics

Economics Vocabulary Chapter 4

TermDefinition
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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