Ramsey Classroom Chapter 13- Global Economics

If the government fears there may be a shortage of something, they may choose to _________ it.

An extreme result of free-market capitalism without government regulation is referred to as . . .

The total value of all the finished goods and services produced in a country is called ______________.

Economic interdependence describes how. . .

Equilibrium is . . .

Supply/demand helps us understand how the _____ of a particular product & the _____for it affect the price of the item.

Low supply and high demand increase the price of an item.

__________ is the desire to make a profit, and it isn't greedy. It keeps businesses in ___________.

The series of steps it takes to produce a product is called the...

______ is the science of the whole economy, while __________ is the study of people, individual businesses, or markets.

________ is an official ban on trade with a country.

A free market economy where businesses are free to determine what to produce and who to sell to is called _____________

_________ never really works for an economy because there's little innovation and no reward for starting a business

Which factor of production refers to the man-made objects like tools, machinery, buildings, and production equipment?

Wind, water, and solar energy are examples of _____________.

You can depend on the people in power to either make you wealthy or make you poor.

Whether a country is developed or developing depends on . . .

What you choose to __________ has a(n) ___________ on the economies of other countries.

Inflation, deflation, the rate of economic growth, price levels, national income, and GDP are all called . . .

The U.S. is mostly a . . .

What is scarcity?

A product sold to the global market is a _________ while a product bought from another country is a ___________.

What is specialization?

A ____________ economy is built on primary industries (fishing/farming) and has very little waste or surplus.

___________ doesn't exist in a command economy because there are fewer options for goods & services

Socialism is an example of a _________ economy where the __________ is/are at the center.

Every country has a unique ______ that includes its leadership, decisions making, & how the citizens buy stuff.

Economics is a study of consumer _________.

The buying and selling of various goods and services is called ____________.