Ch 2 Global Economy
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| fiat money | money deemed by the government to be legal tender
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| money supply | the total amount of money in circulation
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| budget deficit | a financial situation that occurs when more money is spent than is received
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| budget surplus | a financial situation that occurs when more money is received than is spent
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| patent | an exclusive right granted by the govt to an inventor to prevent anyone else from using the invention for a period of time
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| copyright | the exclusive right granted
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| trademark | an indicator that protects a company's name and reputation
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| GDP | the value of all final goods and services produced inside a country in a given period of time
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| Consumer Price Index | A measure of the changes in process for commonly purchased goods and services
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| inflation | a rise in the level of prices for goods and services over time
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| deflation | a decline in the level of prices for goods and services over time
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| recession | a period of economicdownturn
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| trough | a low point in a business cycle
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| specialization | a division of tasks among different workers
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| international trade | the exchange of goods and services among nations
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| absolute advantage | the economic advantage a country has when it can produce more of a product than any other country
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| comparative advantage | the ability of a country to produce a product more efficiently and at a lower opportunity cost than another country
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| balance of trade | the different between the value of a country's imports and exports during a specific period of time
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| protectionism | the practice of using barriers to free trade
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| tariff | a tax of imports
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| quota | a restriction on the quantity or value of goods that can be imported
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| embargo | a restriction on imports and exports to and from a country
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