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Economic 4
Eco Chap4
Question | Answer |
---|---|
Consumer Sovereignty | The authority of consumers to determine what is produced through their purchases of goods and services. |
"Household" | One or more persons who occupy housing. They do not have to be related. |
"Consumption" | Household spending of Transportation, food, entertainment and other goods and services. |
Allocation System | The action or process of distributing something |
Factoids* | 2/3rd's of all businesses are owned by one person. 20% of all businesses are corporation. The US has the highest standard of living in the world. |
"Import" | Goods/Services brought into the country. Goods come in but money goes out |
"Export" | Goods sent out. Money comes back |
Domestic | Internal |
Trading partners | |
"Trade Surplus" | The situation that exists when imports are less than exports. |
"Trade Deficit" | The Situation that exists when imports exceed exports |
"Net Exports" | The difference between the value of exports and the value of imports. |
Know Fig. 12 Pg.91 | |
Factoids | the Majority of US trade, is with industrialized countries. Out of 219 countries world wide, only 28 are industrialized and that is only about 15% of the population, I billion. |