Vocab
The customs, beliefs, values, and patterns of behavior of the people of a country or group.
What is Culture?
Products that leave the country and products that are brought into the country.
Imports and Exports
The desire for scarce goods and services.
What is Economic Wants?
Standards of moral conduct that individuals and groups set for themselves, defining what behavior they value as right or wrong.
What is Ethics?
How many E's are in the pre word of Nuts
two
A trading bloc of European countries.
What is the European Union? (EU)
Anyone who creates Utility.
What is a Producer?
The economic theory where it contains a free market with the individual owning most things.
What is Market Economy?
Land, Labor, Capital Goods, and Entrepreneurship.
What is Factors or Production?
How many neurons are in the brain?
86 Billion
International organization that creates and enforces rules governing trade among countries.
What is the World Trade Organization or WTO?
When there are taxes on imported goods.
What are Tariff Barriers?
The economic theory where the government owns most things and they control the economy.
What is Command Economy?
A phone is available at a price that you can afford and that you are willing to pay. What type of utility is this?
What is Possession Utility?
T OR F? A shrimps heart is in it's head
TRUE
A process in which the government bars companies from doing business with particular countries.
What is Embargo?
A group of countries that do not have taxes to import from each other.
What is a Trading Block?
Two or more firms sharing the costs of both doing business and the profits.
What is a Joint Venture?
The accumulated knowledge and skills of human beings--the total value of each person's education and acquired skills,
Human Capital
What color is an orange?
Orange
Name a theory of International Trade.
What is Comparative Advantage Theory or Product Life Cycle Theory?
A measure of the average change in prices consumer goods and services typically purchased by people living in urban areas.
What is Consumer Price index(CPI)?
A firm setting up a business abroad on its own without any partners.
What is a wholly owned subsidiary?
The length of time from a product first being introduced to consumers until it is removed from the market. Typically broken down into 4 stages; Introduction, Growth, Maturity and Decline.
What is the Product Life Cycle?
What year was OMG first used?
1917