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Resources/WorldTrade

QuestionAnswer
Resources that are in limited supply and cannot be replaced are _______________ resources. nonrenewable
Which type of resource is petroleum? renewable or nonrenewable? nonrenewable
What does the Gross Domestic Product measure? value of all goods and services produced in a country
Name the three main types of resources: natural, capital, human
materials from the earth that people use to meet their needs natural resources
cash, property, tools, machinery, etc. that businesses use capital resources
someone who starts a business and takes on the financial risk entrepreneur
Who owns the capital resources in a free market economy? private citizens
Who owns the capital resources in a command economy? government
someone who spends money on something that is expected to increase in value and earn money investor
the big business companies (corporations) that are controlled by some of the world's wealthiest people are referred to as Wall Street businesses
the locally owned small businesses of the working middle class people are referred to as Main Street businesses
the people who use their skills, intelligence, and ideas in business human resources
the condition that exists when countries rely on each other for ideas, goods, services, and markets globalization
the exchange of resources, goods, and services across international borders world trade
WTO World Trade Organization
people and businesses that use resources to make goods and services producers
people who use goods and services to satisfy their own personal needs consumers
selling resources and/or goods to other countries export
buying resources and/or goods from other countries import
the difference between the value of exports and the value of imports in a country's economy balance of trade
a situation that occurs when the value of a country's exports is higher than the value of its imports trade surplus
a situation that occurs when the value of a country's exports is lower than the value of its imports trade deficit
any regulation or law that slows or prevents trading with another nation trade barrier
a tax added to the price of goods that are imported tariff
a limit on how many items of a particular product that can be imported from a certain nation quota
a special payment made by a government to support a particular group or industry subsidy
the acceptable requirements that products must meet in order to be traded standard
the step taken to cut off trade with a country to show opposition to its government's actions trade sanction
a total ban on trade with a particular country embargo
the removal of trade restrictions so goods flow freely among countries free trade
NAFTA North American Free Trade Agreement
EU European Union
OPEC Organization of Petroleum Exporting Countries
hiring workers in other countries to do a set of jobs usually for less money outsourcing
Resources that cannot be used up because there's an unlimited supply are _________________ resources. renewable
Which type of resource is food? renewable or nonrenewable? renewable
Which type of resource is cotton? renewable or nonrenewable? renewable
Which type of resource is silver? renewable or nonrenewable? nonrenewable
Which type of resource is wheat? renewable or nonrenewable? renewable
Which type of resource is uranium? renewable or nonrenewable? nonrenewable
Which type of resource is the wind? renewable or nonrenewable? renewable
Which type of resource is coal? renewable or nonrenewable? nonrenewable
Which type of business is Walmart? Wall Street or Main Street Wall Street
Which type of business is Best Buy? Wall Street or Main Street Wall Street
Which type of business is Starbucks? Wall Street or Main Street Wall Street
Which type of business is Jack's Meat Locker? Wall Street or Main Street Main Street
Which type of business is Gary's Bakery? Wall Street or Main Street Main Street
Which type of business is Pizza Hut? Wall Street or Main Street Wall Street
Which type of business is Peggy's Salon? Wall Street or Main Street Main Street
Which type of business is Johnson Contruction? Wall Street or Main Street Main Street
The trade agreement between the United States, Canada, and Mexico NAFTA
how much of something that is available supply
how much of something people want demand
When people really want something, the demand is ________ and the price goes up. high
When people don't want something, the demand is low and the price goes ________. down
Created by: Blue.geo