Introduction to Economics and Fair Trade
The process of tracking your product development cycle.
Traceability
The total value of all final goods/services produced within a country's borders in a given year.
Consumer's desire to purchase goods and services and their willingness to pay a price for a specific good or service.
Demand
Mandatory contributions imposed on individuals or corporations by a government entity—whether local, regional, or national.
Taxes
Occurs when a country's imports exceed its exports during a given time period.
Trade deficit
_____________ looks at the total output of a nation and the way the nation distributes its limited resources of land, labor and capital in an attempt to maximize production levels and promote trade and growth for future generations.
Macroeconomics
In the GDP formula, C stands for:
Consumption
Total amount of a specific good or service that is available to consumers.
Supply
A _________ is a significant, widespread, and prolonged downturn in economic activity.
recession
A policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports).
Free Trade
He is considered the father of modern economics.
Adam Smith
Measures the changes in prices in the basket of goods that includes most commonly bought goods and services.
Consumer Price Index (CPI)
The state in which market supply and demand balance each other, and as a result prices become stable.
Equilibrium price
The use of government spending and tax policies to influence economic conditions, especially macroeconomic conditions, such as employment, inflation, and economic growth.
Fiscal policy
Tariffs/punitive tariffs, quotas, subsides and licenses are examples of:
Barriers of trade
A social and economic movement aimed at promoting equitable trading conditions for producers, particularly in developing countries.
Fair Trade
This type of inflation happens when prices rise by less than 3% per year. It's slow and gradual.
Creeping inflation
Medication, Utilities and fuel are considered __________ goods.
A set of tools used by a nation's central bank to control the overall money supply and promote economic growth.
Monetary policy
The GATT (General Agreement on Tariffs and Trade) is now the _____________.
World Trade Organization (WTO)
The tension between our limited resources and our unlimited wants and needs.
Scarcity
It occurs when there's an absence of demand for a certain type of worker. This typically happens when there are mismatches between the skills employers want and the skills that workers have.
Structural unemployment
When the change in the quantity demanded due to a change is price is large, we are talking about an ________ demand.
Elastic
During economic growth, the government increases tax revenues and reduces public spending. This is called a ____________.
Restrictive policy
Antigua and Barbuda, Bahamas, Barbados, Dominica, Grenada, Haiti, Jamaica and Suriname are part of the __________ trade bloc.
CARICOM