Show:
SSEF1, SSEF2, SSEF3,SSEF4,SSEF5 & SSEF6
Trade
Trade Barriers
Free Trade
Random
100
study of how individuals, businesses, and nations can best allocate their limited resources.
What is the study of economics?
100
A country can produce a product using less resources than another country
What is Absolute Advantage
100
Things that limit trade between countries
What is Trade barriers
100
Trade between countries without any trade barriers
What is Free trade?
100
Groups of countries that trade together
What is a trading block?
200
these are the three economies
What is market , command, & mixed economy?
200
When a country can produce a good at a lower opportunity cost than another nation
What is Comparative Advantage ?
200
Special taxes placed on imported goods
What is Tariffs?
200
Nations tend to produce less and import more
What is Negatives?
200
North American Free Trade Agreement
What is NAFTA?
300
these are the four factors of production
What is land, capital, labor, & entrepreneurship?
300
Most trade happens because a country has a comparative advantage over another.
What is the reason for trade?
300
Limitation on the amounts a particular good that can be imported into a country
What is a Quota?
300
Encourages economics to both produce and import
What is Positives?
300
The price of one nation's currency in terms of another nation's currency
What is Exchange Rates?
400
things you have to have to survive
What is an economic need?
400
The rate at which nations trade with other nations
What is balance of trade?
400
When a country, or several countries refuse to trade with a country
What is Embargo?
400
People can purchase their wants & needs at the lowest possible price
What is an argument for free trade?
400
the supply & demand curve meets in the middle
What is the Equilibrium Price?
500
the three major actors in terms of economic activity are
What is households, businesses, & government
500
When you pay for imports, that takes money out of your economy. When you get paid for exports, that adds money to your economy
What is Balance of payments
500
Payment from the government to businesses
What is Subsidies
500
Protection of National Security Protection of "Infant" industries
What is a arguments against free trade
500
an industry that is dominated by a few large firms
What is oligopolistic?