Duplicate of POB Section 5.00

The making, buying and selling goods and services within a country

In a ___________, the member countries do away with the duties and other trade barriers

What happens whenever imports are greater than exports?

Tax the government places on certain imported goods and services

What exists when a country can produce a good or service at a lower cost than other countries

Which is an EXAMPLE of consumers establishing demand?

The value of the next best alternative that you did not choose

Unemployment rate is going down and demand for products are increasing....which business cycle?

A_______ is a selected are where products can be imported duty free and then stored, assembled.

The process of giving up one thing for another

Eddie’s Bakery makes cakes as well as other baked goods. Which economic question?

What exists when a country specialize in the production of goods at which it is more efficient

Exports are items that are brought into a country

A government that spends less than they take in has what type of budget?

Revlon purchased new machines that will automatically squeeze the appropriate amount of shampoo

Required in order to live

A government that spends more money then they bring in has what type of budget

Unemployment rate is high and service is lowering....Which business cycle?

Things that add comfort to your life

An action imposed by a government to stop the export or import of a product completely.

Raw materials produced by nature

Realizing a need is what part of economic decision-making process?

Imports are items that are brought into a country

Employment rate and demand for products are high....Which business cycle

Member countries agree to remove the duties and trade barriers on products traded among them

What are interest rates?

The people who contribute physical and mental energy to the production process

Tools, equipment, and buildings that are used to produce goods and services

Things that you can see and touch

What are the formal trade barriers?

Limited health care, need for proper housing, Traffic and crime, unemployment...are what?

Unemployment rate is increasing and demand for products are lowing....which business cycle?

A vital source in economic growth is the decrease of output per worker.

What is the first thing that you need to do in the economic decision making process?

Business activities needed for creating, shipping and selling goods and services across borders

Informal trade barriers

Limit on the quantity of a product that may be imported or exported within a given time period

What happens whenever exports are greater than imports?