(Blank)
Term that means countries depend on each other.
What is Interdependent?
Goods sold to a country but made elsewhere.
What are imports?
The group that the Smoot-Hawley tariff act protected.
What are American workers?
Speculation means making _________ investments.
What is high-risk?
__________ create new businesses.
What are entrepreneurs?
Term for exchange of goods.
What is Trade?
Goods made in a country and sold abroad.
What are exports?
Traditional economies have little of this.
What is waste?
The year that the GATT was signed.
What is 1947?
Scarcity is the difference between wants and _______.
What is reality?
Term for producing more efficiently.
What is a Comparitive Advantage?
Term for a tax on imports or exports.
What are tariffs?
People know their ___________ in a traditional economy.
What is a role in society?
What are tariffs?
Opportunity cost is the cost of ____________.
What is what you give up?
Term for buying and selling within a country.
What is Domestic Trade?
A thing that limits international trade.
What are trade barriers?
Command economies lack this.
What is competition?
Economics studies how people meet _______.
What are wants and needs?
Term for people who buy products?
What are consumers?
Term for trade between countries.
What is International Trade?
The term for removal of trade barriers.
What is free trade?
Entrepreneurs in command economies lack this.
What is incentive?
These resources are used to make goods.
What are factors of production?
The amount available for use is ___________.
What is supply?