🟩 Economic Concepts Day 159

Economic Concepts - Day 159

Introduction

Another big concept in economics is trade. As you learned in your vocabulary work, specialization is when one individual, group, or nation focuses on making one kind of product. When many people specialize in different things, they are able to produce better goods and services. However, most countries are economically interdependent upon each other. You may remember from our very first module, that interdependence is when individuals, groups, or nations rely on each other. In economics, this means that they sometimes share the goods and services they produce, or trade. It makes sense that specialization, interdependence, and trade are related.

Task Icon Specialization and Trade

Today we will watch a video that explains the relationship between specialization and trade. Pay close attention to the example that is given about the Civil War. As you watch the video, write down what you are learning in your journal.

 

 

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