What is a balance of trade?
Your exports meeting your imports
What is the definition of a barrier to trade?
Something that stops or hinders trade
What is a price ceiling?
The highest price you can sell something for
What is an import tax?
Tax on something brought into a country
What is an export tax?
Tax on something leaving a country
What is a quota?
Certain amount of something that must be created or sold
What is bartering?
Trading without the use of money
What is competition?
Two or more businesses fighting for customers
What is a benefit or value?
How much something is worth to you
What is a consumer?
Someone who buys or uses a product or service
What is an exchange?
Trading of goods, money, or services
What is an export?
Goods that are shipped out of a country
What is a good?
What is an import?
Goods that are shipped into a country
What is inflation?
The rise of prices over time
What is an innovation?
The introduction of something new into the marketplace
What is an invention?
Something new and unique
What is a producer?
Someone who takes raw materials and turns it into a finished product
What is a profit?
The money left over after paying all bills
What is scarcity?
When there is not enough goods to satisfy wants
What is a shortage?
When there is not enough goods to satisfy needs
What is specialization?
Being very good at one particular skill or phase
What is a raw material?
A natural resource that can be turned into a finished product