Business Econ. Objective 2

What type of tariff raises the cost of imported goods to give domestic producers an advantage?

What is a restriction imposed on the number of units that can be brought into a country?

Some of the goals of the American free enterprise system include

Which type of economy is it easiest to start your own business?

The ability of one country, using the same quantity of resources, to produce at a lower cost is

What are goods bought from other countries for domestic use?

Using limited resources wisely is

What is the definition of a tariff?

What advantage does a country have if they can produce a product at a lower opportunity cost?

The type of exchange rate where supply and demand set the prices of various currencies is

What is a major characteristic of apure market economy?

Which type of govt has centralized economic planning and state ownership of the resources?

Dollars moving through individuals, businesses, and government is

What is the organization of European nations whose goal is to integrate as a single market?

Free interactions between buyers and sellers makes a

What is the complete restriction on the import or export of a particular good?

The economic system where ideally, there is no need for government is called

When there is rivalry between producers to win business that is called

What is the material well being of an individual, group, or nation?

What is the amount left over after all the costs of production have been paid?

What are goods sold to other countries?

How are flexible exchange rates determined?

Which trade agreement helped increase Mexico and Canada exports to the U.S.?

What type of exchange rate is set by a national government in relation to other currencies?

In economic terms, what does equity mean?

Attempting to balance economic policy so that it is just and fair is

A system that works within a constitutional framework to elect socialists to office is

Expansion of the economy to produce more goods, jobs, and wealth is

Depreciation of the Mexican peso would make Mexican products sold in the U.S.

What year did foreign exchange rates switch from fixed to flexible?

The 3 basic economic questions are addressed by which type of economy?

What is the difference between a nation's imports and exports?

The fall in the price of a currency through supply and demand is

Who are the people who argue for trade restrictions?

Who believed capitalism would die out and be replaced by communism?

What term did Karl Marx use to refer to workers?

What is the main role of the International Monetary Fund?

The idea that a nation should produce and export goods for which it is particulary suited is

What type of property do people have in a capitalist system?

What is the term used when taking exports minus imports?

What is a tax on imports used to raise government income without restricting imports?