Foundations in Personal Finance: Global Economy

Exports and imports are a huge factor in the economy of the United States.

Which of the following countries has the largest gross domestic product (GDP)?

Macroeconomics is the study of individual and small business economic decisions.

Marginal business costs are the costs that stay the same every month.

GDP stands for . . .

Embargoes are fees and taxes on exports and imports.

The fourth sector in the chain of production is the quaternary sector.

The rate at which the prices for goods and services rise:

The secondary sector in the chain of production is where raw materials, minerals, fish, and animals come from.

NAFTA stands for what?

When one country sells goods or services to another country, it’s an . . .

All of the following are barriers to trade except:

When one country buys goods or services from another country, it’s called an . . .

Which of the following economic systems describes the way the United States operates?

All of the things necessary to produce goods or services:

A fee or tax on exported and imported goods and services:

Services are tangible items such as food, clothing, shoes, and anything you can touch and buy.

What term describes lacking the financial resources to meet a minimum standard of living?

Which of the following is not a factor of production?

Economic system where the government controls all aspects of production and income generated by most valuable resources

Real GDP is an inflation-adjusted figure.

When supply and demand are equal, what word is used to describe the economy?

The study of how all the different economies of the world work together:

The development and movement of goods and services through an economic system:

Which of the following is not an example of a capital good?

Because of inflation . . .

Which of the following is an economic system where everything is sold, bought, and traded w/out governmental involvement

An economic system in which a large part (if not all) is controlled by a central power (such as the government):

Which of the following is an economic system based on “the way things have always been done”?

Global interdependence: countries depend on one another to provide goods/services they need in exchange for money.

An economic system where capitalism and competition characterize how goods and services are sold:

A system of economics based on the private ownership of business and the products made and sold:

Which of the following is not an example of competitive advantage?

The United States is a global leader in exporting mobile phones.

When something is in short supply, it is referred to as what?