POB Section 5.00

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

Things that add comfort to your life

Required in order to live

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

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

Is a number that compares prices in one year with some earlier base year.

How many steps are there in the economic decision making process?

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

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

What are the formal trade barriers?

Which of the following would not be included in GDP

Informal trade barriers

Activities that are consumed at the same time they are produced

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

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

Which is an EXAMPLE of consumers establishing demand?

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

The process of giving up one thing for another

People in the labor force consist of what age?

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

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

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

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

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

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

What are interest rates?

Decrease is GDP per Capita means:

Another investment activity involves the sale of bonds?

Tax the government places on certain imported goods and services

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

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

Exports are items that are brought into a country

Which of the following has the business cycle in order?

How many economic resources are there?

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

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

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

Things that you can see and touch

How do you get GDP per Capita?

What happens whenever exports are greater than imports?

Imports are items that are brought into a country

How do you calculate CPI (Consumer Price Index)

Increase in GDP per Capita means:

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

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

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

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

What happens whenever imports are greater than exports?

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

Raw materials produced by nature