Economics
When will businesses produce more of a good or service?
When they can charge more.
Communist governments and economics were marked by what major issue?
shortages of foods and goods.
What type of trade barrier is used least often?
Embargo
Which country has the US imposed an embargo on?
Cuba
What product was in scarce supply during quarantine lock down in 2020?
Toilet Paper
Which factor of production leads to new ideas or products that often come with a risk of failure?
Entrepreneurs
Which government uses a communist economic system? uses a communist economic system?
North Korea
Which is a reason for economic globalization?
Creates jobs in developing countries.
What helps countries expand their economies?
Global Trading.
In the relationship of risk and return, high risk will lead to what?
High return
Which factor of production results in an exchange of payment?
Labor
What happens when a business is hurt by a drought, stock market crash, or some negative situation?
A contraction would be caused.
What makes local residents more likely to buy products and services?
Part of businesses are located in that country.
Why do countries encourage free trade?
It removes trade barriers between nations.
Who does the International Monetary Fund give emergency loans to?
Countries in financial trouble.
What shapes how societies use factors of production?
Scarcity.
When a farmer can afford to hire more workers, buy more farm equipment, or buy more land to farm, how does this affect the farmer's business?
Expansion
What does inflation affect?
Purchasing power of money.
South Africa is one of the richest countries in the world because they specialize in what industry?
Mining industry.
How do banks allow people to borrow money?
Loans
Which economic system allows individuals and businesses to make their own economic decisions with little government interference?
Market
Profit is an example of what?
Incentives
What helps determine how much businesses and individuals can charge?
Supply and demand.
The ability to buy running shoes that are made in China while living in the United States is an example of what?
Global trade
What pushes producers to make better products at lower prices in capitalist economies?
Consumer Choice