CH 1 Lesson 4

3. The allocation of separate tasks to different people based on the principle of specialization
4. The direct exchange of goods or services with the use of money
6. the condition that exists when someone can produce a good or service at a lower opportunity cost than someone else
7. The act of willingly trading one item or service for another
8. The characteristic of a society in which people rely on others for most of the goods and services they want

1. The condition that exists when someone can produce a good or service using fewer resources than someone else
2. A generally accepted medium of exchange that can be traded for goods and services or used to pay debts
5. The development of skills or knowledge in one aspect of a job or field of interest