Show:
Global Markets and Trade
Competition, Economic Growth/Stability of Global Economies
Economic Efficiency
Market Structures
Economics in Everyday Life
100

The exchange of goods and services between countries

What is International Trade?

100

This happens when a country participates in global markets.

What is Economic Growth?

100

Money that has been invested and cannot be recovered

What is 'sunk cost'?

100
Payments or earnings that workers receive for their labour.

What are Wages?

100

We are faced with these when we make decisions

What are Trade-offs?

200

Products and services that we buy from other countries to bring into our own country

What are Imports?

200

Global markets create this between countries.

What is competition?

200

The economic environment for business, investing and employment

What are 'Market Conditions'?

200

Market with a single producer

What is a Monopoly?

200
A person who organizes and operates a business.

What is an Entrepreneur?

300
When a country sells a product at a much lower price than it costs to make it, in order to drive other countries' companies out of business.

What is dumping?

300

This is one example of a disadvantage of a global economy

What is job loss OR unequal distribution of benefits OR environmental impact?

300

Economic theory that predicts a product will reach a capacity threshold and creating more will actually have a negative effect.

What is the Law of Diminishing Returns?

300
A market where every seller is selling the same thing and no one controls the price.

What is Perfect Competition?

300

The management of your money

What is Personal Finance?

400

Limiting the amount of goods that can be imported is called this.

What is a quota?

400

This is one advantage of economic competition.

What is lower prices for consumers OR more choice for consumers OR innovation for business  

400

The price at which the quantity of a product that people want to buy is the same as the quantity of the product that producers are willing to sell.

What is Equilibrium Price?

400

When a few companies exert significant control over a given market.

What is an Oligopoly?

400

These people work in government and non-profit organizations to watch over and create policy.

What are Policy Analysts?

500

Extra taxes that countries charge on imports

What are tariffs?

500

We use this to measure economic growth

What is the Gross Domestic Product?
500

Name of a theory that states that individuals make rational choices to achieve outcomes that are aligned with their own personal objectives

What is Rational Choice Theory?

500

When people are in between jobs or looking for their first job.

What is Frictional Unemployment?

500

These people study and analyze economic trends, data and policies.

What is an Economist?