Home > Preview

The flashcards below were created by user Olivia.Woodruff on FreezingBlue Flashcards.

  1. Define trade
    • - specific area of business or industry, such as auto mechanics
    • or
    • - people who work in a specific area of business or industry, such as construction workers
  2. Define exports
    are goods and services that one country sells to another country
  3. Define comparative advantage
    the ability of a country or company to produce a particular good more efficiently than another country or company
  4. Define exchange rate
    the price at which one currency can buy another currency
  5. Define balance of trade
    the difference in value between a country’s imports and exports over a period of time
  6. Define protectionism
    the practice of the government putting limits on foreign trade to protect businesses at home
  7. Define tariff
    is a tax placed on imports to increase their price in the domestic market
  8. Define quota
    a limit placed on the quantities of a product that can be imported
  9. Define embargo
    a ban on the import or export of a product
  10. Define free trade
    Occurs when there are few or no limits on trade between countries
  11. T or F : Resources are items used to make or provide goods and services
  12. T or F : 2 basic types of economic systems are amrket economy and a demand economy
  13. T or F : Through the US has very high GDP compared to some countries, it has a low standard of living
  14. T or F : Standards are moral principles by which people conduct themselves personally, socially, or professionally
  15. The reward for satisfying the needs and wants of consumers and businesses is

    A) revenue
    B) profit
    C) wealth
    D) dividends
    B) profit
    (this multiple choice question has been scrambled)
  16. Competition forces businesses to

    A) drive their competitors out of business
    B) lower prices
    C) decide how to best use and conserve their resourses
    D) file for bankruptcy
    C) decide how to best use and conserve their resourses
    (this multiple choice question has been scrambled)
  17. Deciding to use a resourse for one purpose and giving up the chance to use it for something else

    A) sacrifice
    B) opportunity cost
    C) risky
    D) trade-off
    B) opportunity cost
    (this multiple choice question has been scrambled)
  18. The total amount of money a government owes is its

    A) federal debt
    B) federal deficit
    C) national debt
    D) national deficit
    C) national debt
    (this multiple choice question has been scrambled)
  19. Recovery is marked by

    A) more money to purchase goods ans services
    B) All answers
    C) people going back to work
    D) increases in production
    B) All answers
    (this multiple choice question has been scrambled)
  20. The federal Reserve is a government agency that guides the economy by

    A) controlling interest rates
    B) All answers
    C) controlling the amount of money loaded
    D) regulating the amount of money in circulation
    B) All answers
    (this multiple choice question has been scrambled)
  21. Bribery occurs when gifts, money, or favors are offered

    A) instead of payment of taxes
    B) in lieu of wages
    C) to encourage business deals
    D) as bonuses to managers
    C) to encourage business deals
    (this multiple choice question has been scrambled)
  22. Figures used to measure economic performances are called ______________.
    economic indecators
  23. _____________  can be caused by increases in the cost of raw materials, expenses, and salaries.
  24. When a government revenue exceeds its expenditures during a one year period, it has a ___________.
    budget surplus
  25. _______________   can occur when an economy produces more good than people want, causing sellers to lower prices and cut production.
  26. When a company does not have to compete, its productivity ____________.
  27. What are four major economic shifts ( in chronological order) the United States has experienced?
    • Service based
    • Agricultural based
    • Industry based
    • Information based
  28. What are the four stages of the business cycle?
    • Prosperity
    • Recession
    • Depression
    • Recovery
  29. What are the three ways to measure a nation's economic activity?
    • GDP (measures production)
    • Prices
    • Unemployment

Card Set Information

2015-10-07 02:23:35
Intro To Business
test 2 vocab
Show Answers:

Home > Flashcards > Print Preview