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POB 1.01-1.03

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

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