3 questions of economic systems
1. what goods and services to produce?
2. how are we going to produce them?
3. who is going to get them?
example: farming, factories
5 largest trading partners
what country does the U.S. import the most to?
provide services that dont make products
eample: health care, banking
materials that people get from the enviroment that come from the earth.
Example: soil-food trees-shelter
exports with china
2004-stayed same until 2009
imports with china
2004-increased until 2008
declined in 2009
imports and exporst with all countries
what does NAFTA mean?
North American Trade Agreement
what does free trade meean?
no quotas or tariffs
Barriers to trade
tariffs and quotas
what countey has imports and exportsthat are close?
top products the U.S. trade
shirt manufactoring an food buissness
Exports and imports
exports-what we sell
imorts-what we buy