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Unit Two.


Economy the organized way a nation provides for the needs and wants of its people
Resources all the things used in producing goods and services
Factors of Production used when economist talk about resources; comprises of four categories: land, labor, capital, and entrepreneurship
Infrastructure the physical development of a country
Entrepreneurship the skills of people who are willing to invest their time and money to run a business
Traditional economy traditions and rituals answer the basic questions of what, how, and for whom
Command Economy a system in which a country's government makes economic decisions and decides what, when, and how much will be produced and distributed.
Productivity output per worker hour that is measured over a defined period of time, such as week, month, or year
Gross Domestic Product (GDP) the output of goods and services produced by labor and property located within a country.
Gross National Product (GNP) the total dollar value of goods and services produced by a nation, including goods and services produced abroad by U.S. citizens and companies
Inflation rising prices
Consumer Price Index (CPI) measures the change in price over a period of time of some 400 specific retail goods and services used by the average urban household
Producer Price Index (PPI) measures wholesale price levels in the economy
Business Cycle these recurring changes in economic activities
Expansion a time when the economy is flourishing, sometimes referred to as a period of prosperity
Recession a period of economic slow-down that lasts for at least two quarters, or six months, according to financial experts
Depression a period of prolonged recession
Recovery signifies a period of renewed economic growth following a recession or depression
International trade the exchange of goods and services among nations
Imports goods and services purchased from other countries
Exports goods and services sold to other countries
Balance of Trade the difference in value between exports and imports of a nation
Free Trade commercial exchange between nations that is conducted on free market principles, without restrictive regulations
Tariff (sometimes called a duty) a tax on imports
Quota limits either the quantity or the monetary value of a product that may be imported
Embargo a total ban on specific goods coming into and leaving a country
Protectionism a government's establishment of economic policies that systematically restrict imports in order to protect domestic industries
World Trade Organization (WTO) a coalition of nations that makes rules governing international trade
North American Free Trade Agreement (NAFTA) an international trade agreement among the United States, Canada, and Mexico
Licensing involves letting another company (licensee) use a trademark, patent, special formula, company name, or some other intellectual property for a fee or royalty
Contract Manufacturing involves hiring a foreign manufacturer to make your products, according to your specifications
Joint Venture a business enterprise that companies set up together
Foreign Direct Investment (FDI) the establishment of a business in a foreign country
Multinationals large corporations that have operations in several countries
Mini-nationals midsize or smaller companies that have operations in foreign countries
Globalization selling the same product and using the same promotion methods in all countries
Adaption a company's use of an existing product and/or promotion to which changes are made to better suit the characteristics of a country or region
Customization involves creating specially designed products or promotions for certain countries or regions
Created by: brenda.woodings