Test Review 1
A tax on imports or exports.
Tarriff
A complete halt to trading with a particular nation or in a particular product.
Embargo
This trade barrier limits the amount of goods imported from another country.
Quota
Economic system where decisions about what to produce, how to produce, and for whom to produce are made by individuals interacting in the marketplace.
Market Economy
Relating to, or characteristic of a city or town.
Urban
True or False. Everyone automatically has a savings and a checking account when they are born.
FALSE
In this type of economy, the government makes ALL the decisions.
Command
The exchange of one currency for another.
Currency Exchange
Ex. My dad owns his own painting business.
Entrepreneurship
How old is Mrs. Renfroe's baby?
2 months
FALSE
TAXES DEFINES WHAT ?
TARRIFF
What is the correct name for the alternative school? ?
Achievement Academy
Example .. Trees, Flowers, Gas
Natural resources .
Tangible commodities or products that are produced and consumed
True or False College is free if your parent has more than 5 kids.
False
The process of starting a business or other organization.
Entrepreneurship
Focusing on a particular product or service in order to become more efficient in its production.
Specialization
This is when someone is an expert at doing something.
NA?TA Fill in the missing letters
NAFTA
Intangible products or actions that are performed for a customer in exchange for money.
Services
How many days are in a leap year
366
Where does the money on you debit card come from?
What does NAFTA mean?
North American Free Trade Agreement
QUOTA IS WHEN ALL TRADING STOPS WITH A CERTAIN COUNTRY. TRUE OR FALSE