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Trade Barriers/Global Economy
Terms in this set (22)
people or nations produce a few special goods and services
goods or services produced in one country and then sold to another country
the price of one country's currency expressed in another country's currency
the exchange of goods and services across international boundaries and territories
goods or services purchased from another country
the voluntary exchange of goods and services among people and countries
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.
Tariffs, quotas, and embargoes are examples of...
The value of all goods and services sold
used to obtain an accurate picture of how the economy is doing
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?
a tax on imported goods
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?
a set number limit of a particular good that can be imported
A healthy economy
A high GDP means
The total market value of all final goods and services produces in a country in a given year
Recommended textbook explanations
Krugman's Economics for AP*
David Anderson, Margaret Ray
Principles of Microeconomics
N. Gregory Mankiw
Krugman's Macroeconomics for AP*
David Anderson, Margaret Ray
William A. McEachern
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Rakesh owns a small bakery selling bread, cakes and biscuits. His business is just making enough money to survive. His wife, Neeta, had the idea of serving customers tea and coffee at two small tables that could be fitted into the bakery shop. 'Customers will pay more for each cake and biscuit if we sell them with tea or coffee-just like a little café.' Rakesh bought some second hand café equipment and furniture and tried what Neeta had suggested. She was right! Some of his customers not only bought teas and coffees but they paid higher prices for the cakes and biscuits they bought as they were served them on a plate! Rakesh had increased the value added to the flour, sugar and butter he used to make these cakes and biscuits. If the best-selling cake in this bakery uses 30 cents worth of flour, sugar and butter and Rakesh sells each one for $ 1, calculate the value added.
How is it possible for an economy to grow without a general increase in price levels?
What force acts as a balance to the profit motive in the American free enterprise system?