L1
L1 cont.
L2
L2 cont.
100
how do nations solve the problem of scarcity
by importing products from other countries and exporting products to other countries (trade)
100
what does the world trade organization do
it oversees trade agreements and settles trade disputes for its 153 member nation
100
what is market economy
private individuals decide the basic economic question: what to produce, how to produce, and whom to produce
100
obstacles to development include
a high rate of population growth, trade barriers, location, war, national debt, and corruption
200
how can countries produce goods at a lower opportunity cost
their resources. (comparative advantage)
200
how can a nation have trade surplus and trade deficit
if a nation exports more than they import that is trade surplus if they import more than they export they have trade deficit
200
what is command economy
the government decides the basic economic questions: what to produce, how to produce, and whom to produce
300
how does importing low-cost products have a negative effect on domestic businesses
because they cannot sell the same products at the same low price
300
what is exchange rate
the value of one country's currency in relation to the value of another country's currency
300
the U.S has a mixed-market economy, what is that
the government makes regulations such as minimum wage and safe-workplace laws
400
how does the government protect U.S businesses
by limiting imports through the use of tariffs, import quotas, and subsidies
400
worldwide, 35 countries are considered to be developed, what is developed country
plentifully food and high quality healthcare
500
what is NAFTA
the united states, Canada, and Mexico created the largest fee trade zone in the world with north American free trade agreement
500
why aren't china and india a developed country
low per capita GPD and poor living standards
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