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| The development of skills or knowledge in one aspect of a job or field of interest. People who specialize become expert in a particular activity. |
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| The allocation of separate tasks to different people. Division of labor in the production of a good or service is based on the principle of specialization. |
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| The act of willingly trading one item or service for another. Both parties in a voluntary exchange expect to gain from it. |
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| The direct exchange of goods or services without the use of money. Barter is typical in traditional economies. |
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| A generally accepted medium of exchange that can be traded for goods and services or used to pay debts. Money is critcal in a market economy. |
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| The characteristic of a society in which people rely on others for most of the goods and services they want. This interdependence results from specialization and trade. |
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| The condition that exists when someone can produce a good or service using fewer resources than someone else. |
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| The condition that exists when someone else can produce a good or service at a lower opportunity cost than someone else. |
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| "You have something I want, and I have something you want." |
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| designed to protect local industries and promote trade self-sufficiency |
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| designed to protect local industries and promote trade self-sufficiency |
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| Article I Section 8 of the constitution empowers the national government to promote trae nad economic interdependence among the states |
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| the total value of all the things a person owns |
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| large scale manufacturing |
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