Lesson 1
Lesson 1 cont. and lesson 2
Lesson 2
Lesson 3
100
An international body that oversees trade among nations
What is world trade organization
100
A good purchased from one country by another.
What is import.
100
An economic system in whicch the major economic decisions are made by the central government
What is command economy.
100
A country whose average per capita income is only a fraction of that in more industrialized countries.
What is developing country.
200
A limit on the amount of foreign goods into a country.
What is quota.
200
An organization of European nations whose goal is to encourage economic integration into a single market.
What is European Union.
200
An economic system in which the government owns some factors of production and distributes the products and wages.
What is socialism.
200
An economic system in which the decisions of what, how and for whom to to produce are based on custom and habit,
What is traditional economy.
300
A situation in which the value of the products imported by a country exceeds the value of its exports.
What is trade deficit.
300
Situation in which the value of the products exported exceeds the value of its import.
What is trade surplus.
300
An economic system in which the central government directs all major economic decisions.
What is communism.
400
A custom duty; a tax on an imported good.
What is tariff.
400
The difference between the value of a nation's exports and its imports.
What is balance of trade.
400
A system combining characteristics if more than one economy.
What is mixed economy
500
To sell goods to other countries; or a good produced in one country, then sold to another.
What is export.
500
Gross domestic product per person
What is per capita GDP.
500
A system in which individuals own the factors of production and make economic desicons through free interaction.
What is market economy.
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