Supply and Demand
As price increases, (supply/demand) increases as well.
Supply
A government order that limits the amount of a certain product being imported.
Quota
Statistics that show whether an economic system is strengthening, weakening, or remaining stable are called...
Economic Indicators
This is an agreement with Canada, US, and Mexico to limit barriers on trade
NAFTA
product made or grown abroad but sold domestically
import
How many minutes are in a year (you have 15 seconds to figure it out)
525,600
To assist a domestic business, the government may give a grant/ sum of money to that business. This is called a...
Subsidy
How many liters are in a gallon? (if you are within .2 liters, you get the points)
3.785 liters
This is an agreement formed in order to strengthen the economic and political power of countries in southeastern Asia.
ASEAN... Association of South East Asian Nations
When exports exceed imports, you are in a trade ________.
Trade surplus
The intersection between the supply and demand curve is called...
Equilibrium point/price, or Market Price
The following denotes a government order forbidding exportation and/or importation of a particular product from a particular country
Embargo
total value of all goods and services produced within a given period by a national economy through domestic factors of production
Gross Domestic Product
this agreement was made after World War II and sought to eliminate trade barriers such as tariffs and quotas (internationally)
GATT... General Agreement on Tariffs and Trade
The ability of an individual or group to carry out a particular economic activity at a lower opportunity cost than another individual or group.
Comparative Advantage
If the supply curve shifts to the right (increases), what would happen to the equilibrium price?
It would lower/drop
What is the largest mammal?
Blue Whale
How much a system produces with the resources needed to produce it.
Productivity
This organization was meant to lessen the barriers of trade in European countries.
EU... European Union
What is the second planet from the sun?
When supply exceeds demand, this scenario will result
surplus
the practice of protecting domestic business at the expense of free market competition
Protectionism
What invention of the 20th century that we talked about had the biggest impact on trade?
The shipping container
This is the name of the organization/agreement to help with international trade in South American countries.
Mercosur
Ironman is played by what actor?
Robert Downey, Jr.