Shared Flashcard Set

Details

Economic Vocab 55-56
Quiz
16
Economics
12th Grade
10/23/2008

Additional Economics Flashcards

 


 

Cards

Term

absolute advantage

Definition
ability of a person or nation to produce a particular good at a lower absolute cost than that of another person or nation
Term
asian pacific economic cooperation
Definition
an organization of 18 asian nation that attempts to reduce trade barriers between their nations
Term
centrally planned economy
Definition
an economy in which government bureaucracy decides how much of each good to produce, how to produce the goods, and how to allocate the products among consumers
Term
comparative advantage
Definition
ability of 1 person or nation to produce a good at an opportunity cost that is lower than the opportunity cost of another nation
Term
european union
Definition
organization of european nations that has reduced trade barriers within europe
Term
exchange rate
Definition
rate at which once currency trades for another in the market
Term
export
Definition
good produced in the “home” country and sold in another country
Term
general agreement of tariffs and trade
Definition
international agreement that has lowered trade barriers between the u.s. and other nations
Term
import
Definition
good produced in a foreign country and purchased by residents of the “home” country
Term
market system
Definition
system under which individuals and firms use markets to facilitate the exchange of money and products
Term
mixed economy
Definition
economic system under which government plays an important role, including the regulation of markets, where most economic decisions are made
Term
north american free trade agreement
Definition
international agreement that lowers barriers to trade between u.s.,mexico,and canada 1994
Term
quota
Definition
absolute limit on the volume of a particular good that can be imported into a country
Term
tariff
Definition
a tax on an imported good
Term
trade barriers
Definition
rules that restrict the free flow of goods between nations,including tariffs,quotas,voluntary export restraints,and non-tariff trade barriers
Term
world trade organization
Definition
an organization that oversees g.a.t.t. and other international trade agreements
Supporting users have an ad free experience!