Economics
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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| Trade barriers | government policies which place restrictions on international trade. Ex. tariffs, quotas, embargoes
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| Tariff | tax on imports
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| Quota | limits on the number of traded goods
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| Embargo | prohibition of trade with a certain country. For example, the U.S. will not allow trade with North Korea.
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| Free trade | removal of trade barriers
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| NAFTA | signed in 1994, the North American Free Trade Agreement eliminated all trade barriers between Canada, the United States and Mexico.
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| Import | good or service sold within a country that is produced in another country; good or service made in another country and brought into the country where they are sold
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| Export | good or service produced within a country and sold outside of the country's borders; good or service made in one country and sent out to another country for sale
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| Gross Domestic Product | (GDP) the total value of the final goods and services produced within a country in one year.
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| 4 Types of Economies | Traditional, Market, Command and Mixed
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| 3 Economic Questions | What to produce? How to produce? and For whom to produce?
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| Natural Resources | something that comes from Earth or nature that is useful to humans.
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| Capital Goods | tools used in the production of goods and services.
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| Human Capital | the value that humans bring to the marketplace; includes the education, training, skills, and health care of the workers in a business or country.
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| Entrepreneurship | the ability to organize, manage, and take on the risks of a business or enterprise.
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Or sort by any of the columns using the down arrow next to any column heading.
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Created by:
McClure 6 SS
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