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Economic 4

Eco Chap4

QuestionAnswer
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.
Created by: paulstpete
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