Economic Decisions
What is the study of how man allocates scarce resources?
Economics
This policy protects home industries using tariffs and quotas.
Protectionism
This refers to the increase in real per capita GDP.
Economic Growth
Unrecorded economic activity in the Caribbean takes place in this sector.
Informal Sector
Economists use this Latin phrase meaning “other things remaining constant.”
Ceteris paribus
What is a good or service essential for life?
A Need
A complete ban on goods from a certain country.
Embargo
A population group that includes children, retirees, housewives and students.
Dependent Population
Limited farmland in small islands leads to a high bill for this.
Food imports
A graphic showing the inverse relationship between price and quantity demanded.
Demand curve
Which group consumes goods and owns factors of production?
Household
Large‑scale production allows firms to enjoy cost advantages.
Economies of Scale
This driver of growth includes machinery, tools and equipment.
Capital
Countries borrowing from institutions like the IMF must implement these policies.
Structural adjustment
Goods for which demand rises when the price of another good rises.
Substitutes
What term describes producing on the frontier, using all resources?
Efficiency
The growing replacement of local customs by global practices.
Westernization
A country with high GDP but poor access to water, housing and services shows growth but not this.
Dvelopment
Countries struggling to repay loans experience a heavy what?
Debt Burden
A decrease in population causes this shift in the demand curve.
Leftward Shift
What happens to opportunity cost as more of one good is produced?
Increases
The ability for goods, people, and companies to cross borders freely indicates the decline of these.
National Borders
A modern transport and communication network is part of this development requirement.
Infrastructure
Policies requiring balanced budgets and subsidy removal are associated with this lender.
IMF
The rule stating that as price increases, quantity demanded falls.
Law of Demand