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