Math 101
Trade Surplus
Exports are greater than the Value of Imports
In this economy, individuals have little say over how the economy operates.
Command Economy
Name 1 country with a command Economy.
Cuba
North Korea
Customers want "Low these."
Prices
Sets the prices of goods and services. S & D
Supply and Demand
Trade Deficit
Exports are less than the value of Imports
This economy combines characteristics of more than one type of economy.
Mixed Economy
Name 1 way the government protects home industries.
Tariffs
Quotas
Subsidy
Changing from state-owned business to private citizens is known as this.
The ability to produce a good more efficiently than other countries. C.A.
Comparative Advantage
This is the difference between the value of a nation's imports and exports.
Balance of Trade
This type of trade system does not have any restrictions between countries.
Free Trade
Name 1 factor of production.
Natural Resources
Labor
Capital
Entrepreneurship
These types of countries have high standards of living and high per capita income.
Developed Countries
W.T.O.
World Trade Organization
The value of a nation's currency in relation to another nations currency.
Exchange Rate
This system is run by the society or government.
Socialist System
Name 1 obstacle that effects the development of a country.
Landlocked
War
Single Resource
Corruption
Debt
Difficulty shipping goods
Theses types of countries have a low standard of living and low per capita income.
Developing Countries
E.U.
European Union
This is the formula used to figure out per capita.
GDP per capita = Total Value of goods รท Population
This country rebuilt under a strict government-run economy following WWII.
The Soviet Union
Name 1 of the Government's roles in a market Economy.
Regulate some businesses
Set Minimum wage
Workplace & product safety
This is the use of tactics to make imported goods more expensive than domestic goods.
Protectionism
NAFTA
North American Free Trade Agreement