Trade Barriers
A trade barrier that forbids trading with other countries.
What is an Embargo?
Oprah Winfrey, Michael Jordan, and Steve Jobs are all considered to be successful ________________.
What are entrepreneurs?
The amount of a product that producers are willing and able to offer.
What is supply?
_________ ___________ includes any materials in nature that people use and value.
What are natural resources?
With your group, ACT out a service! You have 15 seconds to plan and 15 seconds to act!
Cannot be a good! (Teacher, Doctor, firefighter, bus driver,etc)
This type of trade barrier places a tax on all goods that are imported into a country.
What are tariffs?
A ___________ occurs when a business fails to make money!
What is a loss?
Occurs when NOT enough goods are available.
What is scarcity?
Televisions, computers, shoes, and cell phones are all examples of _____________.
What are goods?
Entrepreneur! With your group, ACT it out! 15 seconds to plan, 15 seconds to act!
Must be business oriented. Something that surrounds a service and money. Remember, Mrs. Watts will decide!
This trade barrier places a limit on goods exported to other countries.
What are quotas?
Nurses, teachers, and doctors all provide a _______________ to other people.
What is a service?
True or False: Without consumers, producers would not be needed!
What is true?
Teachers, Firefighters, and Doctors all provide a _____________ to other people.
What are services?
Barter! Act it out! 15 seconds to plan, 15 seconds to act it out!
Exchange goods and services without using money. Remember, Mrs. Watts has the final say!
In recent years, France placed a limit on the amount of T.V. advertisements. This is an example of a _____?
What is a Quota?
This occurs when people trade without using money.
What is a barter?
When Mrs. Watts chose to watch her favorite movie all night, she gave up the chance to get adequate rest. This is an example of _____________?
What is opportunity cost?
Another term for MONEY!
What is currency?
EMBARGO! Act it Out! 15 seconds to plan, 15 seconds to act it out!
What is an embargo?
True or False: An entrepreneur must be creative, educated, and accepting of any risks.
True
The amount of money left over after startup expenses have been paid.
What is profit?
Price for which the currency of a country can be exchanged for another country's currency.
What is the exchange rate?
Human Capital! Act it out! 15 seconds to plan, 15 seconds to act it out!
Must demonstrate educating workers, skills/talents, etc. Remember, Mrs. Watts has the final say!