Economics Flashcard | 24-25

Front

These are machines, factories, and tools used to make other goods.

Back

capital goods

Front

A(n) _____ is a ban on trading with specific countries.

Back

embargo

Front

"The skills and talents of workers in a country"

Back

human capital

Front

Saudi Arabia wants to keep oil prices high, so they meet with other oil-producing countries to agree on limiting oil production. What type of organization are they forming?

Back

Cartel

Front

In North Korea, the government decides what goods will be produced, how much they will cost, and who can buy them. What type of economy does North Korea have?

Back

Command economy

Front

Maria buys a new phone, some groceries, and pays for a haircut. Which economic role is Maria playing in these transactions?

Back

Consumer

Front

What economic activity is Sarah engaging in by taking out a loan to open a coffee shop?

Back

Entrepreneurship

Front

Toyota makes cars in Japan and sells them to Americans. Is this an example of an import or export from Japan's perspective?

Back

Export

Front

A country has a GDP of $100 billion and a population of $20 million. Calculate its GDP per capita.

Back

5,000 per capita

Front

If a country has a 98% literacy rate, what does this tell us about their level of human capital?

Back

The country has a high level of human capital.