Specialization
people or nations produce a few special goods and services
Exports
goods or services produced in one country and then sold to another country
Currency Exchange
the price of one country's currency expressed in another country's currency
International Trade
the exchange of goods and services across international boundaries and territories
Imports
goods or services purchased from another country
Trade
the voluntary exchange of goods and services among people and countries
Currency
type of money a country or region uses
Tariffs and Quotas
You own a clothing line in America. Japan can make the clothes at a cheaper price. What would you want your government to impose to keep your business competitive with the foreign market?
A free trade agreement
When a country can trade with another country, with a reduction of trade barriers.
Trade barriers
Tariffs, quotas, and embargoes are examples of...
GDP
The value of all goods and services sold
Real GDP
used to obtain an accurate picture of how the economy is doing
Embargo
a ban on trade with a particular country
The Commerce Department
The government agency that is responsible for calculating GDP
The economy is not healthy, businesses are selling less, and there are few jobs
What happens when the GDP decreases?
Government spending, consumer spending, and investments
What does the government use to calculate GDP?
Tariff
a tax on imported goods
Embargo
What type of trade barrier could be put in place to guarantee that a deadly disease could not affect someone in another country?
16 trillion dollars
In 2014, how much did the US produce in GDP?
Quota
a set number limit of a particular good that can be imported
A healthy economy
A high GDP means
GDP
The total market value of all final goods and services produces in a country in a given year
Specialization
people or nations produce a few special goods and services
Exports
goods or services produced in one country and then sold to another country
Currency Exchange
the price of one country's currency expressed in another country's currency
International Trade
the exchange of goods and services across international boundaries and territories
Imports
goods or services purchased from another country
Trade
the voluntary exchange of goods and services among people and countries
Currency
type of money a country or region uses
Tariffs and Quotas
You own a clothing line in America. Japan can make the clothes at a cheaper price. What would you want your government to impose to keep your business competitive with the foreign market?
A free trade agreement
When a country can trade with another country, with a reduction of trade barriers.
Trade barriers
Tariffs, quotas, and embargoes are examples of...
GDP
The value of all goods and services sold
Real GDP
used to obtain an accurate picture of how the economy is doing
Embargo
a ban on trade with a particular country
The Commerce Department
The government agency that is responsible for calculating GDP
The economy is not healthy, businesses are selling less, and there are few jobs
What happens when the GDP decreases?
Government spending, consumer spending, and investments
What does the government use to calculate GDP?
Tariff
a tax on imported goods
Embargo
What type of trade barrier could be put in place to guarantee that a deadly disease could not affect someone in another country?
16 trillion dollars
In 2014, how much did the US produce in GDP?
Quota
a set number limit of a particular good that can be imported
A healthy economy
A high GDP means
GDP
The total market value of all final goods and services produces in a country in a given year