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41 Cards in this Set

  • Front
  • Back
organized way a nation provides for the people
economy
all things used in productivity of goods & services
resources
land, labor, capital, & entrepreneurship
factors of production
physical development of a country
infracstructure
process of starting & running a business
entrepreneurship
difference between what consumers what & need & what is avaliable
scarcity
ran off of traditions & customs
traditional economy
individuals & companies decide what to make for the people
market economy
government makes all the decissions
command economy
output per worker hour that is measured over a period of time
productivity
output of goods & services produced by labor & property located within a nation
gross domestic product
total dollar value of goods & services produced by a nation
gross national product
a period of rising prices
inflation
measurement of change in price over a period of time
consumer price index
measurement of wholesale price levels in the economy
producer price index
recurring changes in economic activity
business cycle
a time whan the economy is flurishing
expansion
a period of economic slowdown that lasts for two quarters
recession
a period of prolonged recession
depression
a period of renwed economic growth followed by a depression
recovery
trading with other countries
international trade
goods & services from other countries
imports
goods & services sold to other countries
exports
difference in value
balance of trade
commercial exchange between nations
free trade
taxes on imports
tariff
limit on the quantity value of a product imported
quota
total ban on goods coming into and leaving a country
embargo
total ban on specific goods coming into and leaving a country
protectionism
a global coaltion of more than 140 governments that makes rules governing international trade
World Trade Organization
agreement between the United States, Mexico, and Canada
North America Free Trade Agreement
European trading bloc
European Union
letting other companies use trademarks or other ideas
licensing
hiring a foreign maker to make products under certain specifications
contract manufactoring
business enterprise that different companies set up together
joint venture
investments in other factories in other countries that are used for business' operations
foreign direct investment
large corporations that have operations in other countries
multinationals
midsize or smaller companies that have operiations in multiple countries
mini-nationals
process of selling a product and using the same promotion methods in all countries
globalization
chaging a product or promotion to better suite a target country
adaption
process of creating products or promotions for certain countries or regions
customization