what are microeconomics ?

study of behavior in small economic units like businesses and individuals

what are macroeconomics?

the study of the big economic picture through various economic indicatorst

the periid between contraction and the transition to another cycle

whats the difference between a developing and developed country

developed- high level of economic growth developing - less econ development

what is the difference between imports and exports ?

imports buy from other countries while exports buy and sell

What are the different types of resources?

natural, nonrenewable, human captial

an official ban on trade with a country

an industry that is dominated by one corporation

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Chapter 13 Financial Literacy

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Answers

1
what are microeconomics ?
a nation concentrates its efforts in producing a limited variety of goods
study of behavior in small economic units like businesses and individuals
econ /political system inwhich trade and industry are controlled by owners
2
what are macroeconomics?
relationship between two+ countries dependent on one another for goods
the persistent rise in the costs of goods and services
study in how the economies throughout the world work
the study of the big economic picture through various economic indicatorst
3
what is trough?
the act of competing for a share of profit
free market that encourages every business to provide high quality products
the periid between contraction and the transition to another cycle
the desire to make money as the result of a business venture
4
whats the difference between a developing and developed country
developed has high population while developing has low population
developed- high level of economic growth developing - less econ development
developed has higher industrialization while developing has lower
5
what is the difference between imports and exports ?
imports are countries selling while exports buy from countries
imports buy from other countries while exports buy and sell
imports trade while exports sell and buy
6
What are the different types of resources?
micro, macro
natural, nonrenewable, human captial
import, export, tariff
7
what economy has a mix of traits from different economies
mixed
command
market
traditional
8
which economy has a focus of centralized power
mixed
command
traditional
market
9
what is an embargo?
a tax imposed on the goods and services imported from another country
an official ban on trade with a country
a resource that can be used again
greater demand from something than whats available
10
what is a monopoly ?
a board game
the desire to make money as the result of a business venture
when business compete of a share of profit
an industry that is dominated by one corporation

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