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Ch 21, 22, 24 Rev

Intro to Business

QuestionAnswer
Comparative Advantage Specialization of production by a country in those areas it is best at doing.
Free Trade Policy encouraging few limitations and little government involvement in trade.
Embargo A government ban that stops the import or export of certain goods or trading with a certain country.
Exports Goods made in one country and sold in another.
Imports Foreign-made goods brought into a country.
Multinational Company Firm that does business in other countries and has offices worldwide.
Quota A fixed limit on the export or import of a product
Protectionist View that governments should regulate trade and subsidize industry to protect the domestic economy.
Specialization Concentration of efforts in a particular area or field.
Tariff Special tax on goods made in another country and sold in the United States
Trading Partners Countries that are the United States' main producers and consumers
Capitalism Another name for a market system
Command Economy An economic structure in which the government makes decisions concerning the commonly owned resources
Gross Domestic Product The total value of all the final goods and services produced by an economy over a given period of time.
Mixed Economy An economic system that combines the elements of all the basic systems.
Socialism An economic structure in which the government owns major industries, but allows private ownership of other businesses.
Traditional Economy An economic system in which people do things the way they have always done them.
Birthrate Ratio of total live births to total population
Developed Nation Nation with relatively high standard of living based on industrial development.
Developing Nation Nation with relatively low standard of living and less industrial development
Foreign Aid Money, goods, and services provided by governments and other organizations to help other nations and their citizens.
Created by: kdimmick
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