PSB Unit 3 Vocab

Front

Workers refuse to work to pressure management for demands.

Back

Strike

Front

Balance of trade where exports exceed imports

Back

Trade Surplus

Front

Trade barrier with taxes on imports raising prices

Back

Tariff

Front

Balance of trade where imports exceed exports

Back

Trade Deficit

Front

Ensuring everyone has enough to survive and wealth is shared.

Back

Socialism

Front

Management may prevent employees from working, blocking their income.

Back

Lockout

Front

Transferring jobs to another country for cheaper labor

Back

Outsourcing

Front

Country producing a product cheaper than others has a

Back

Comparative Advantage

Front

More likely to succeed in fighting for better pay due to collective power of workers.

Back

Labor Union

Front

Government control of all aspects of an economy characterizes this economy type.

Back

Communism