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Economy

How does voluntary trade benefit buyers and sellers in other countries? Countries choosing to trade with each other because it will be helpful to both
Currency a form of money
When a country invest in its education, training workers for certain skills, factories and technology the country should have a good or bad GDP? increased (good) GDP
Found in nature, not man made. Natural resource
The country of Japan imports almost all of its food due to lack of arable land. However, they are one of the leading countries of exporting technology. This is an example of what? Specialization
Diamonds, Uranium, Oil and Gold are examples of? Natural resource
What factors influence economic growth? Natural resources, capital goods and human capital
When a person borrows money and agrees to pay it back with interest. Credit
Money given when a person works for a period of time. Paycheck (income)
Diamonds sold illegally, usually to fund militant groups Conflict diamonds
Investment Depositing or spending money in an effort to make a financial gain in the future.
A financial plan. Budget
Money that is put away for later use Saving
When a country stops trade with another, usually based on a political reason Embargo
Limiting the supply of a particular product, in order to maintain a certain price level. Quota
When a country imposes a tax on imported goods to protect its own products Tariff
Trade barrier Any form of regulations or policy that restricts trade.
Most countries in the world have a __________economic system. Mixed
When only the government determines what is produced. Command economy
What is Per Capita GDP? Gross Domestic Product divided by a countries population
What is Gross Domestic Product? (GDP) Total goods and services produced by a country in one year
Three basic economic questions. 1. What is produced? 2. Where is it produced? 3. For whom is it produced?
Subsistence farming is an example of what economic system? Traditional
Created by: mfountain
 

 



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