International Trade
What is International Trade?
International trade is the exchange of goods and services among nations.
What is the business cycle?
it represents the constant changes and ups and downs in economic growth
What is an Economic Indicator?
its how to measure an economy and what factors contribute to a healthy economy is essential for citizens
What is supply and demand?
determine the price and quantities of goods and services produced
__________________are goods and services sold to other countries.
exports
The Business cycles can be affected by the actions of?
businesses,consumers, and the government
What are the 3 goals of a healthy economy?
1) increase productivity
2) decreases unemployment
3) stabilize price
What is demand?
the quantity of a product that consumers are willing and able to pay
______________________ are goods and services purchased from other countries.
imports
People influence and react to different phases of the business cycle generally based on their?
employment options and spending
what is the material well-being of the average person in a given population?
standard of living
What is supply?
is the quantity of a product that producers are willing and able to produce at a certain price
The trade between country's is control by?
The government of the countries that are trading
What are the four faces of the business cycle
expansion,recessiin,depression and recovery
_____________________________is output per worker hour over a defined period of time.
productivity
As the price of a product ________________ the quantity demanded _________________.
increases
decreases
What are the main trade advantages?
1.absolute advantage
2.comparative advantage
Business cycles can be _____________________and can be seen through phases of time throughout history
naturally occurring
What calculates the total market value of all finished goods (no raw materials) produced?
GDP
Price and supply have a ____________________ meaning they move in the same direction.
direct relationships