Definitions
Supply/Demand
Graph Reading
Name that Term
Random
100
What is an import?
A product that is brought INTO a country
100
What is Supply?
The amount of a product in an economy
100
What color represents the countries in Europe?
Green
100
A product that is sent OUT of a country
export
100
What is an opportunity cost?
What you give up in order to receive something
200
What is a tariff?
Extra money or tax placed on an import to make people buy a different product produced at home
200
What is Demand
the amount of people that want a product
200
Which country had the highest unemployment in 2014?
Italy
200
The percentage of labor that does not have a job is called __________________
unemployment rate
200
What 2 countries have the highest GDP in the world?
United States and China
300
The economy of country is___________
The wealth and resources of a country or region
300
What happens to the DEMAND of eggs if, FIVE MAJOR ATHLETES DID COMMERCIALS FOR EGGS?
It increases
300
Which country had the largest unemployment in 2019?
Brazil
300
limit on the amount of one particular good that is imported
quota
300
A tax imposed on a specific good or activity such as cigarettes, alcoholic beverages, and gasoline is called
excise tax
400
What is a command economy
Government owns all and makes decisions
400
What happens to the SUPPLY of eggs if, A DISEASE MADE HALF OF THE CHICKENS UNABLE TO LAY EGGS?
Supply decreases
400
Which continent makes up the least of the world's GDP?
Africa
400
An economy where goods and services are offered by private companies
market economy
400
Income for people that are retired, have a disability or child who have lost a parent is called
Social Security
500
What is GDP (Gross Domestic Product)?
A measure of the total value of goods and services that a country produces each year
500
What would happen to the DEMAND of eggs if, prices rose to $6 a carton
Demand decreases
500
Approximately what percentage of the World Economy is North America? (Round to the nearest whole number)
About 26% (US + Canada =26.4%)
500
When corporations move factories and jobs to poorer countries so they can pay lower wages, this is called
outsourcing
500
Payments people are required to pay to local, state and national governments are called
taxes