Vocabulary
A system of trade.
What is a market?
A country's productive resources are used to make the goods and services that the country imports.
imports should be specializes in.
Name 3 major exports of the United States.
What are electronic circuits, refined oils, cars, aircraft, spacecraft
What takes place in the global economy?
What is trade?
Fertile soil is an example of this type of resource
What is a natural resource?
the worldwide market where countries buy and sell goods and services
What is the global economy?
Entrepreneurs are products created in one country or region and then sold to other countries or regions.
What is entrepreneurs should be exports
Name 3 major imports of the U.S.
What are refined oils, data processors, cars and crude petroleum oils
How many FTAs does America have?
What is 14?
A hammer is an example of this type of resource
What is a capital resource?
Countries and regions that trade with each other
What are trading partners?
The United States trades primarily with Mexico, Canada and France.
France should be China, Venezuela, Brazil or Japan.
Name 3 presidents that were in the videos we watched on economics.
Who are:
Obama, Clinton, Reagan, George Bush, George W. Bush, Trump, Carter
Why did many Americans lose their jobs when NAFTA took effect?
What is companies could get cheaper labor in other countries?
A country's ____________ resources are used to make the goods and services that the country specializes in.
What is productive?
Specialization is the __________________ of production on fewer kinds of goods and services than are _____________________ by a country.
What are concentration, consumed
Countries and regions become interdependent in the stock market.
What is stock market should be global marketplace.
Name 3 reasons countries specialize.
What are:
To produce goods/services efficiently
To obtain goods/services they can't produce
To buy goods/services at a lower cost
To earn money by selling goods/services
Why were many Americans able to get new products after NAFTA took effect?
What is the items were no longer taxed when they crossed the borders.
What is an entrepreneur?
Define interdependence. (must be almost word for word in your definition)
What is the relationship in which each member of a group relies on the other members for something they need?
When countries and regions trade, a smaller amount of goods and services are available to everyone. (2 words)
What is smaller amount should be greater variety
What replaced NAFTA? Say the word and then what each letter stands for.
USMCA
United States Mexico Canada Agreement
When a business closes down, how can an entire town become affected?
What is when workers are layed off, they can't afford to spend money at other places. This means those businesses lose money and will eventually close. When this happens to most businesses in an area, the entire town is affected.
Name 3 things a country can do with the money they make by selling or trading their product.
What is ... accept 3 reasonable answers