Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

POB 1.01-1.03

Question	Answer
a country’s total dollar value of all final goods and services produced in one year.	Gross Domestic Product
Whole or Entire	Gross
Within a country's borders	Domestic
Good/Service	Product
GDP/Total Population	GDP Per Capita
Things we wish we could have	Wants
Things we must have for survival	Needs
Physical Product	Goods
Tasks performed by a business	Services
What you give up when you choose one thing over another	Opportunity Cost
Raw materials from the Earth	Natural Resources
People who contribute to a business	Human Resources
Tools, Equipment, Buildings	Capital Resources
A combination of all the different types of resources	Entrepreneurial Resources
Economic system where choices are based on individuals/businesses (free market/enterprise system)	Capitalism
Economic system where decisions are made by government	Communism
Economic system where the government owns major industries and private ownership of other businesses	Socialism
The quantity of goods or services that consumers are willing and able to buy	Demand
The quantity of goods or services that businesses are willing and able to provide	Supply
The point where supply and demand are equal	Market Price
Same as Market Price	Equilibrium
Making, buying, and selling of goods and service within a country	Domestic Business
Quantity of a good an average worker produces in an hour	Productivity
Foreign or world trade	International Business
A country can produce a good/service at a lower cost than other countries	Absolute Advantage
A country specializes in the production of a good/service at which it is relatively more efficient	Comparative Advantage
Difference between a country’s total exports and total imports	Balance of Trade
The difference between the amount of money that comes into a country and the amount that goes out of it	Balance of Payments
Where banks buy and sell different currencies	Foreign Exchange Market
Proportion of labor force that is without paid work	Unemployment
Govt. bans import/export of specific goods	Embargo
Limit on the quantity of good that may be imported or exported within a given period to regulate international trade	Quota
Taxes on certain imported products which increases prices to protect the supply of goods	Tariff
Removes trade barriers (NAFTA)	Free Trade Agreement
Allowing a business the rights to use another company’s name or process	Franchising
Selling the right to a company to use some intangible property for a fee or royalty	Licensing
Two or more companies agree to share a business project	Joint Venture
Gives Economic aid to developing countries	World Bank
Settles trade disputes and enforces free trade agreements	World Trade Organization
High Unemployment, Weak sales, Business Failures	Depression
Unemployment Decreases, Demand Increases, New Businesses Come Around	Recovery
Low Unemployment, Production High, More Income	Prosperity
Demand decreases, Production Low, Unemployment Rises	Recession

Created by: melinda.fornes on 2012-02-09

Correct box contains:
Time elapsed:
Retries:

Pass complete!

POB 1.01-1.03