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15 Cards in this Set
- Front
- Back
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What is an import?
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Goods and services that are purchased from abroad
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What is an export?
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Goods and services that are sold abroad
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What is the Law of Supply?
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As the price of a good rises, producers are will to supply more of the good
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What is the Law of Demand?
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As the price of a good increases, the quantity of good demanded falls
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The price at which supply equals demand is known as...?
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Equilibrium
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When consumer spending is strong and companies invest in new factories and equipment it is called...?
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Expansion
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When consumers reduce their purchases and business investment slows...?
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Contraction
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When growth falls for two three-month periods...?
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Recession
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When business activity remains far below normal for years...?
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Depression
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What are inputs?
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Land, Labor, and Capital
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What is a trade surplus?
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Occurs when a country exports more than it imports
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What is a trade deficit?
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Occurs when a country imports more than it exports
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What is a tariff?
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A tax imposed on imported goods
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What is an embargo?
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An embargo is the partial or complete prohibition of commerce and trade with a particular country
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What is a quota?
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A government-imposed restriction on quantity, or sometimes on total value
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