Markets
A group of providers that engage in collusion to increase profits
What is Cartel?
The situation in which 1 producer has a smaller opportunity cost of producing a good or service compared to another producer
What is Comparative Advantage?
The ability to carry debt
What is Credit?
The total number of a product or service that is available for purchase
What is Supply?
NAFTA is the North American Free ______ Agreement
The Federal Reserve officially issues US _______
What consumers pay when they buy a product or service and what suppliers receive when they buy a product or service
What is Price?
Goods and services that producers create within a country and then sell and send to people, companies, or governments in other countries
What are Exports?
The practice of a local business purchasing the right to use a name and business model of a large company
What is Franchising?
Goods and services that more than 1 person, household, or company can use at a time
What is Public Goods?
An order forbidding citizens from trading with another country
What are Sanctions?
Today's largest and strongest unions represent ______ workers
What is Government?
The minimum allowable price set by law that is above the market clearing price
What is a Price Floor?
When a country has more imports than exports
What are Trade Deficits?
An individual who starts a new business
What is an Entrepreneur?