LIST A
What is capital goods?
economic decisions are made by individuals who decide what to produce and what to buy
What is a market economy?
creative and original thinkers who are willing to take risks to create new businesses and products
What is an entrepreneur?
land that is available to be used for farming
What is arable?
those products a country makes best and that are in demand on the world market; also encourages trade
What is specialization?
the use of entrepreneurs, natural resources, human capital, and capital goods
What is productive resources?
OR
What is the factors of production?
This makes it possible to buy and sell goods between nations with different types of currency.
What is currency exchange?
a tax placed on imported goods
What is a tariff?
a way to describe an economic system which has characteristics of both market and command economies
What is mixed?
the value of all the final goods and services produced within a nation in a given year
What is GDP?
a group that helps companies in Japan decide what products will sell best on the global market
What is the Ministry of International Trade?
farms that are owned by the government; workers are told what they may produce (North Korea)
What is a cooperative?
a popular movie and film industry in India
What is Bollywood?
where people work together and share whatever they produce
What is a collective (farm)?
demand for a good or service; influences the price of goods
What is supply and demand?
a piece of metal that has not been refined
What is ore?
a company that does business in many different countries
What is a multinational corporation?
equipment, building roads, and the services that are necessary for a country's economic success
What is infrastructure?
China's attempt to reorganize its economy by placing emphasis on agriculture, industry, defense, and science and technology
What is the Four Modernizations?
a long time without economic growth
What is a recession?
three other names for a market economy
What is laissez-faire, capitalism, and free-enterprise?
materials and/or work is sent to another country to be completed by foreign workers
What is outsource?
an extension of very small loans to the unemployed and to others living in poverty
What is the micro-credit industry?
During the 1960's, India tried to modernize the agricultural system by introducing new types of seeds, grains, fertilizers, and pesticides.
What is the Green Revolution?
a economic range of data plots which show if an economic system is closer to market or command and how much economic freedom a country might have
What is a continuum?