Economics Foundation

Example of and Inelastic product is

China is what type of economy

is a period of prolonged and deep recession

is a period of economic slowdown 

when supply exceeds demand

when the amount supplied equals the product demanded

a demand for a product that is not affected by price changes

This person wrote "The Wealth of Nations" in 1776 that advocated Capitalism

The key to a market economy is

Canada has a  ___________ economy

is a period of growth and expansion

In terms of college what country offers free college to students who have a high good grades

is a resource - money, tools, equipment needed for production

What is the name of the trade agreement with Canada, Mexico, and USA

is a tax placed on imported goods

when a product demand changes with changes in price, the product is

The largest consumer of goods and services in the USA?

Resource: the employees of the business

refers to rising prices

What currency is the strongest in terms of value and trade

example of an elastic product

USA and Japan are what type of economies

is unlimited wants but limited resources

Packaging milk into smaller containers to meet demand of people who live alone is:

a resource that is anything natural such as oil, natural gas, coal, trees

when demand exceeds supply

The price on a supply and demand graph is

One who takes risk of owning and operating the business

in North Korea, children are ________ than children brought up in South Korea

is a limit on the number of specific products foreign companies can sell in a country

Trade is good for

is a government prohibition against a product or nation