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FCSDIB-Ch 2
Int. Business Vocab Ch 2
| Term | Definition |
|---|---|
| absolute advantage | a situation that exists when a country can produce a good or service at a lower cost than other countries |
| balance of trade | the difference between a country's exports & imports |
| command economy | the situation where the government or a central-planning committee regulates the amount, distribution, & price of everything produced |
| comparative advantage | a situation that exists when a country specializes in the production of a good or service at which it is relatively more efficient |
| consumer price index (CPI) | the monthly United States federal government report on inflation |
| demand | the relationship between the amount of a good or service that consumers are willing & able to purchase & the price |
| developing country | a country evolving from less developed to industrial |
| economics | the study of how people choose to use limited resources to satisfy their unlimited wants & needs |
| economic system | the method a country uses to answer the basic economic questions |
| factors of production | the three types of resources used to produce goods & services |
| foreign debt | the amount a country owes to other countries |
| foreign exchange rate | the value of one country's money in relation to the value of the money of another country |
| gross domestic product (GDP) | a measure of the output of a country within its borders, including items produced with foreign resources |
| gross national product (GNP) | a measure of the total value of all goods & services produced by the resources of a country |
| industrialized country | a country with strong business activity that is usually the results of advanced technology & a highly educated population |
| inflation | an increase in the average prices of goods & services in a country |
| infrastructure | a nation's transportation, communication, & utility systems |
| less-developed country (LDC) | a country with little economic wealth & an emphasis on agriculture or mining |
| market economy | the situation where individual companies & consumers make the decisions about what, how, & for whom items will be produced |
| market price | the point at which supply & demand cross |
| mixed economy | the situation with a blend between government involvement in business & private ownership |
| opportunity cost | the most attractive alternative given up when a choice is made |
| privitization | the process of changing an industry from publicly to privately owned |
| scarcity | the limited resources available to satisfy the unlimited needs & wants of people |
| supply | the relationship between the amount of a good or service that businesses are willing & able to make available & price |
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