Economic Terms

The Middle East (Iraq, Iran, Saudi Arabia) specialize in what product?

Iron Ore is what factor of production?

To buy goods from another country.

Giving up what you don't need to get what you do need.

Each country needs the others to meet the needs and wants of its people.

Person who has the skills and leadership to start a new business and produce new products.

How much land, water, minerals, fuel, and wealth a country has.

Revenue of a business minus cost-what you make.

Human made materials needed to produce goods and services.

To sell products to another country.

Amount of an item produced for sale.

Number of consumers who want and are able to buy an item.

Farmer is what factor of production?

Buys and uses goods and services.

If there is a high demand for a product, but low supply what happens to the price?

Producing only a few product instead of many different products.

A newspaper owns two huge printing presses. The presses are what type of production resources?

Talents and skills of human beings.

Many individuals desiring something that has limited availability.

In the International Trade game, your distribution of resources was _____?

The resources supplied by nature.

If a company has a large supply of a product, but demand is low what happens to the price?

Bill Gates, the founder of Microsoft.

Rivalry between companies to win more business.