Vocab Words 1
The value of money of one country expressed in terms of the money of another country
Exchange Rates
GNP
Gross National Product
The accepted behaviors, customs, and values of a society is known as…
Culture
Member countries agreeing to remove duties and trade barriers on products is known as a…
Free-Trade Agreement
Which of the following is a reason why tariffs are set?
Protect domestic businesses
an agreement between two or more companies to share a business projec
Joint Venture
GDP
gross domestic product
Why are unions good
higher wages
safer environments
he making, buying, and selling of goods and services within a country is known as…
Domestic Business
Business activities needed for creating, shipping, and selling goods and services across national borders is known as…
International Business
the difference between a country’s total exports and total imports of goods
Balance of Trade
the price of labor is called the
wage rate
Wage rates differ because of…
Education
Training
When a country can produce a good or service at a lower cost than other countries, the country is said to have a(n)…
Absolute Advantage
When a country imports more than it exports, the country has a(n)…
Trade Deficit
Goods and services sold to another countr
Exports
An economy is one in which countries are interconnected economically
Global Economy
What type of unemployment involves a mismatch between the workers looking for jobs and the jobs that are currently available?
Structural
CPI is used to measure
Inflation
CPI
Consumer Price Index
An organization that conducts business in several countries
MNC (multi national corporation)
An extra tax placed on imported products that increases the prices of the product
Tariff
What could be the TWO potential side effects if minimum wage was increased to $18 an hour?
Prices for consumers would increase
Unemployment increase
Prices would be much higher without…
Competition
The total market value of all final goods and services produced annually in an economy is called…
GDP