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21 Cards in this Set
- Front
- Back
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fiat money
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government deemed money or legal tender
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money supply
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the total amount of money in circulation in a country
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budget deficit
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gov. spends more than they get
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budget surplus
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gov gets more than they spend
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patent
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exclusive rights granted by the government to the inventor
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copyright
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exclusive rights granted to an author
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trademark
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protects the name and reputation
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Gross Domestic Product (GDP)
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value of all final goods and services produced inside a country in a given period of time
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Consumer Price Index (CPI)
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measures the cost of a basket of goods and services for an urban family
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inflation
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when prices go up
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deflation
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when prices go down
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specialization
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tasks divided among different workers
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international trade
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exchange of goods and services among nations
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absolute advantage
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produce more of a product than can another country
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comparative advantage
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ability of a country to produce a product more efficiently and at a lower opportunity cost than another country
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Balance of trade
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difference between the value of a country's imports and exports during a specific period of time
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protectionism
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the practice of using barriers to free trade
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quota
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restriction on the quantity or value of goods that can be imported
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embargo
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restricts imports to and from a country
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tariff
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a tax on imports
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what are the 4 levels of business cycles?
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1)Expansion
2)Recession 3)Trough/Depression 4)Recovery |
