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Ch 21, 22, 24 Rev
Intro to Business
| Question | Answer |
|---|---|
| Comparative Advantage | Specialization of production by a country in those areas it is best at doing. |
| Free Trade | Policy encouraging few limitations and little government involvement in trade. |
| Embargo | A government ban that stops the import or export of certain goods or trading with a certain country. |
| Exports | Goods made in one country and sold in another. |
| Imports | Foreign-made goods brought into a country. |
| Multinational Company | Firm that does business in other countries and has offices worldwide. |
| Quota | A fixed limit on the export or import of a product |
| Protectionist | View that governments should regulate trade and subsidize industry to protect the domestic economy. |
| Specialization | Concentration of efforts in a particular area or field. |
| Tariff | Special tax on goods made in another country and sold in the United States |
| Trading Partners | Countries that are the United States' main producers and consumers |
| Capitalism | Another name for a market system |
| Command Economy | An economic structure in which the government makes decisions concerning the commonly owned resources |
| Gross Domestic Product | The total value of all the final goods and services produced by an economy over a given period of time. |
| Mixed Economy | An economic system that combines the elements of all the basic systems. |
| Socialism | An economic structure in which the government owns major industries, but allows private ownership of other businesses. |
| Traditional Economy | An economic system in which people do things the way they have always done them. |
| Birthrate | Ratio of total live births to total population |
| Developed Nation | Nation with relatively high standard of living based on industrial development. |
| Developing Nation | Nation with relatively low standard of living and less industrial development |
| Foreign Aid | Money, goods, and services provided by governments and other organizations to help other nations and their citizens. |
Created by:
kdimmick
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