Show:
TERMS 1
TERMS 2
MONEY
Business Knowledge
Business Knowledge 2
100
An exchange of a good or service is known as what term
TRADE
100
Define the term immigrates:
Someone who moves into the country
100
Define the term currency:
A nation’s money
100
Define the term import:
Import is when an object is coming into the country
100
Define the term economy:
How a country manages its resources to produce and distribute goods and services.
200
What would you call the place where trade occurs
MARKET
200
Define the term emigrates:
Someone who is leaving the country
200
True or False Every country in the world has the same currency?
False
200
Define the term export:
Export is when a good is leaving the country
200
Name 2 things that Indiana exports
Corn Strawberries Wheat Beans
300
What does WTO stand for?
World Trade Organization
300
Define the term productivity?
Productivity is the amount of goods that are made or produced
300
What is the formula for productivity?
Output/Worker Hours=Productivity
300
What is a resource?
Something of value that can be useful
300
How are a good and a service different?
A good is a product as where a service is something that is being done
400
People who buy products or services are known as what?
Consumer
400
Define the term entrepreneur:
Someone who invents their own product and starts their own business
400
Name 2 forms of currency in a country:
China/ YUAN, USA/DOLLAR, Indian/RUPEE
400
Name the 3 types of resources
Natural, Human, Capital
400
What is a franchise?
A franchise is a business system in which private entrepreneurs purchase the rights to open and run a location of a larger company.
500
A tax on a good that is imported into a country is known as a(n):
TARIFF
500
Define the term Embargo:
The product is banned from trade
500
What are 3 inventions that have increased productivity?
Airplane Copy Machine Telephone Smartphone Vehicle Radio Tractors Computers Lightbulbs Railroads Highways
500
What three countries make up the North American Free Trade Agreement (NAFTA)?
USA, MEXICO, CANADA
500
Name 2 Examples of a franchise:
Mcdonalds, A & W, Taco Bell, Hardys