Econ Vocab standard 4

Front

Unequal distribution of income in an economy

Back

Economic Inequality

Front

Chance for better financial conditions

Back

Economic Opportunity

Front

County's ability to produce more of a product than another country.

Back

Absolute Advantage

Front

County's ability to produce a product more efficiently than another country at a lower opportunity cost.

Back

Comparative Advantage

Front

Business approach emphasizing resource and product quality for various customer types

Back

Resource and Product Specialization

Front

Frontier diagram showing max. goods/services an economy can produce with full resource employment

Back

Production Possibilities Frontier

Front

Tax on imported products

Back

Tariffs

Front

Limit on the amount of a good allowed into a country

Back

Quotas

Front

Raw materials or products that can be bought and sold

Back

Commodities

Front

Trade between countries without tariffs, quotas, or barriers

Back

Free Trade