Chap 1 IB

Which of the following is Not a component of GDP?

Import __________ are meant to increase the cost of foreign products

Which factor of production has to do with Natural Resources?

The NX in the GDP formula Stands for:

You have a right to your __________ after taxes

Which economic role is associated with casting dollar votes?

Which role in the economy involves people volunteering time and voting in elections

Inflation is measured by looking at the

When you take the GDP and divide it by the population you get:

This exists when items that consumers need and want are created in other countries.

Money used to start up a business is known as:

When you buy something you're casting a ________ _________ for that product

The most attractive alternative given up when you make a decision is known as your

In economics, Food, Water,Clothing and Shelter are known as

Literacy Levels refer to

Import ____________ will restrict the number of imports into a country

For the seller, these are products sold in other countries.

What is the most common way for countries to measure their economy?

The Decision Making Process Acronym is

For the buyer, these are products bought from businesses in other countries.

Items people by but aren't neccessities are known as:

This is increasing integration of the world’s economies, functioning as 1 marketplace

The basic economic problem of limited resources to satisfy the unlimited needs and wants

Which Right of the Private Enterprise system has to do with business's following laws.

Which economic role refers to people providing goods and services to society

The willingness to take a risk to go into business is known as:

Which right of the PE system allows you to choose employment and purchases?

The gradual rising of prices over time is known as

The amount of a product companies are willing and able to make available is known as

International Business started in China, India and Japan...

A country with a highly educated population and advanced technology is most likely

In order to look at where production takes place in an economy, you can look at

Business activities needed to create, ship, and sell goods and services across national borders

Which factor of production has to do with Human Resources?

Restrictions that reduce free trade among countries are known as

Making, buying, and selling goods and services within a country is known as