Global Markets and Trade
The exchange of goods and services between countries
What is International Trade?
This happens when a country participates in global markets.
What is Economic Growth?
Money that has been invested and cannot be recovered
What is 'sunk cost'?
What are Wages?
We are faced with these when we make decisions
What are Trade-offs?
Products and services that we buy from other countries to bring into our own country
What are Imports?
Global markets create this between countries.
What is competition?
The economic environment for business, investing and employment
What are 'Market Conditions'?
Market with a single producer
What is a Monopoly?
What is an Entrepreneur?
What is dumping?
This is one example of a disadvantage of a global economy
What is job loss OR unequal distribution of benefits OR environmental impact?
Economic theory that predicts a product will reach a capacity threshold and creating more will actually have a negative effect.
What is the Law of Diminishing Returns?
What is Perfect Competition?
The management of your money
What is Personal Finance?
Limiting the amount of goods that can be imported is called this.
What is a quota?
This is one advantage of economic competition.
What is lower prices for consumers OR more choice for consumers OR innovation for business
The price at which the quantity of a product that people want to buy is the same as the quantity of the product that producers are willing to sell.
What is Equilibrium Price?
When a few companies exert significant control over a given market.
What is an Oligopoly?
These people work in government and non-profit organizations to watch over and create policy.
What are Policy Analysts?
Extra taxes that countries charge on imports
What are tariffs?
We use this to measure economic growth
Name of a theory that states that individuals make rational choices to achieve outcomes that are aligned with their own personal objectives
What is Rational Choice Theory?
When people are in between jobs or looking for their first job.
What is Frictional Unemployment?
These people study and analyze economic trends, data and policies.
What is an Economist?