The increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital.
What is globalization?
100
Closed shop, open shop, union shop, agency shop
What is types of labor unions?
100
The fundamental right of every person to control his or her own labor and property
What is freedom?
200
The amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price
What is supply and demand?
200
The management of money supply and interest rate and is the demand side economic policy used by the government of a country to achieve macroeconomic objectives like inflation, consumption, growth and liquidity
What is monetary policy?
200
The loss of potential gain from other alternatives when one alternative is chosen
What is opportunity cost?
200
The aggregate of all human physical and mental effort used in creation of goods and services
What is labor?
300
The point at which supply equals demand for a product
What is equilibrium?
300
The means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy
What is fiscal policy?
300
An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state
What is capitalism?
300
Many excess assets including income, profits, capital and goods
What is surplus?
400
The amount by which a sum falls short of some reference amount
What is deficit?
400
Improve the economy of all participating nations v. the practice of nations to protect domestic industries and their workers
What is free trade v. protectionists?
400
A community or nation experiencing financial struggles due to inflation, consumer confidence issues, unemployment rates, and rising prices.
What is economic instability?
500
The _______ for any specific good/service is based on the relationship between the forces of supply and demand
What is price?
500
The comparative study of different systems of economic organization
What is comparative economics?
500
The exchange of capital, goods, and services across international borders or territories