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10 Cards in this Set
- Front
- Back
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Economics |
study of production and consumption of goods |
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Exchange rate |
the value of one currency for the purpose of conversion to another. |
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Outsource |
from an outside or foreign supplier |
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Comparative Advantage |
the ability of an individual or group to carry out a particular economic activity more efficiently than another activity. |
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Gross Domestic Product (GDP) |
Services produced inside country boarders |
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Gross National Product (GNP) |
Services made by americans in one year |
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Goods |
merchandise or possessions |
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Services |
the action of helping or doing work for someone |
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Intermediate good |
These goods are sold by industries to one another for the purpose of resale or producing other goods |
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Absolute Advantage |
the ability of an individual or group to carry out a particular economic activity |
