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POB 1.01-1.03
| Question | Answer |
|---|---|
| a country’s total dollar value of all final goods and services produced in one year. | Gross Domestic Product |
| Whole or Entire | Gross |
| Within a country's borders | Domestic |
| Good/Service | Product |
| GDP/Total Population | GDP Per Capita |
| Things we wish we could have | Wants |
| Things we must have for survival | Needs |
| Physical Product | Goods |
| Tasks performed by a business | Services |
| What you give up when you choose one thing over another | Opportunity Cost |
| Raw materials from the Earth | Natural Resources |
| People who contribute to a business | Human Resources |
| Tools, Equipment, Buildings | Capital Resources |
| A combination of all the different types of resources | Entrepreneurial Resources |
| Economic system where choices are based on individuals/businesses (free market/enterprise system) | Capitalism |
| Economic system where decisions are made by government | Communism |
| Economic system where the government owns major industries and private ownership of other businesses | Socialism |
| The quantity of goods or services that consumers are willing and able to buy | Demand |
| The quantity of goods or services that businesses are willing and able to provide | Supply |
| The point where supply and demand are equal | Market Price |
| Same as Market Price | Equilibrium |
| Making, buying, and selling of goods and service within a country | Domestic Business |
| Quantity of a good an average worker produces in an hour | Productivity |
| Foreign or world trade | International Business |
| A country can produce a good/service at a lower cost than other countries | Absolute Advantage |
| A country specializes in the production of a good/service at which it is relatively more efficient | Comparative Advantage |
| Difference between a country’s total exports and total imports | Balance of Trade |
| The difference between the amount of money that comes into a country and the amount that goes out of it | Balance of Payments |
| Where banks buy and sell different currencies | Foreign Exchange Market |
| Proportion of labor force that is without paid work | Unemployment |
| Govt. bans import/export of specific goods | Embargo |
| Limit on the quantity of good that may be imported or exported within a given period to regulate international trade | Quota |
| Taxes on certain imported products which increases prices to protect the supply of goods | Tariff |
| Removes trade barriers (NAFTA) | Free Trade Agreement |
| Allowing a business the rights to use another company’s name or process | Franchising |
| Selling the right to a company to use some intangible property for a fee or royalty | Licensing |
| Two or more companies agree to share a business project | Joint Venture |
| Gives Economic aid to developing countries | World Bank |
| Settles trade disputes and enforces free trade agreements | World Trade Organization |
| High Unemployment, Weak sales, Business Failures | Depression |
| Unemployment Decreases, Demand Increases, New Businesses Come Around | Recovery |
| Low Unemployment, Production High, More Income | Prosperity |
| Demand decreases, Production Low, Unemployment Rises | Recession |
Created by:
melinda.fornes
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