Supply and Demand
This term describes the maximum quantity of a product that buyers are willing and able to purchase at a given price.
What is demand?
This economic indicator measures the average change in prices of a basket of goods and services over time.
What is inflation?
This type of barrier refers to taxes imposed on imported goods.
What are tariffs?
I'm outta town____________
Tuggin with my rounds
This term describes the quantity of a product that producers are willing to offer for sale at a given price.
What is supply?
This term refers to the total value of goods and services produced within a country's borders in a specific period.
What is GDP (Gross Domestic Product)?
This economic theory suggests that countries should specialize in producing goods they can produce most efficiently and trade with others for goods they cannot produce as efficiently.
What is comparative advantage?
Tell the truth, I look better under you I can't lose when I'm with you_________
How can I snooze and miss the moment? You just too important nobody do body like you do
This term refers to the point at which quantity demanded equals quantity supplied, resulting in a stable price.
What is equilibrium?
This policy tool involves adjusting government spending and taxation to influence the overall economy.
What is fiscal policy?
This organization promotes international trade and economic cooperation among member countries.
What is the World Trade Organization (WTO)?
You can travel the world but nothing comes close_____
To the golden coast
This concept explains the sensitivity of quantity demanded or supplied to changes in price.
What is elasticity?
This term describes the unemployment rate that exists when the economy is operating at its natural level of employment.
What is the natural rate of unemployment?
This term refers to the difference between a country's exports and imports.
What is the trade balance or balance of trade?
Like a river flows surely to the sea_______
Darling so it goes some things you know are meant to be
When demand increases while supply remains constant, this economic condition occurs.
What is a shortage?
This economic concept measures the rate at which the general price level of goods and services is increasing and, as a result, the purchasing power of currency is falling.
What is inflation?
This agreement eliminated trade barriers among the United States, Canada, and Mexico.
What is NAFTA (North American Free Trade Agreement)?
And I need you tananana and I miss you tnananan and now I wonder____
If I could fall Into the sky, do you think time would pass me by?