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Unit Two.
Economics
| Question | Answer |
|---|---|
| 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
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