Int. Business Vocab Ch 2
Help!
|
|
||||
|---|---|---|---|---|---|
| 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
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
fcsdklw
Popular Economics sets