Vocab 1
What is import?
to send something out of a country of sale.
What is export?
total amount of goods or services available for sale
What is supply?
Ms. Eyler is running out of pencils and facing a ______________.
What is scarcity?
This country culturally diffused with Kongo.
What is Portugal/Portuguese?
What is specialization?
a tax or charge to be paid on a particular good or service being brought in or sold out of a country.
What is a tariff?
an economic principle showing a customers desire and ability to buy goods.
What is demand?
Ms. Eyler's subject ______________ is history.
What is specialization?
Lived in the Andes and did terrace farming.
Who are the Inca?
a benefit gained from making certain business or political decisions usually described as an increase in money.
What is economic benefit?
The costs of sacrifices that are given for making certain business or political decisions.
What is economic cost?
having limited resources.
What is scarcity?
The ______________ or going to college is the money, time, and resources needed to graduate.
What is economic cost?
An important period in European history from the 1400s-1600s.
What is the Renaissance?
The way countries and people of the world interact and integrate economically, politically, and socially and can have both costs and benefits to a nation.
What is globalization?
people, groups, or things depend on each other to survive.
What is interdependence?
What is a supply chain?
The United States ___________ goods to almost every country in the world.
What is export?
Number of pillars in Islam.
What is 5?
the system of making, buying, and selling goods and services.
What is the economy?
people and businesses determine what to buy, sell, and make based on supply and demand.
What is market economic system?
a community focused economy where culture and history control buying and selling.
What is traditional economic system?
Trading slaves for gold is an example of a ______________________.
What is traditional economic system?
What NATO stands for.
What is the North Atlantic Treaty Organization?