Chapter 13 Global Economics

Front

Economics is a study of consumer _____?

Back

choices

Front

Every country has a unique _____ that includes its leadership, the way it makes decisions, and how the country's citizens buy stuff.

Back

economic system

Front

The U.S. is mostly a...

Back

free market.

Front

What you choose to _____ has a(n) _____ on the economies of other countries.

Back

buy; impact

Front

Economic interdependence...

Back

describes how many countries and companies around the world depend upon each other.

Front

A _____ economy is built on primary industries such as fishing and farming, and it generally has very little waste and very little surplus.

Back

traditional

Front

What is specialization?

Back

It's when a country focuses its efforts on producing a limited variety of goods or services.

Front

The buying and selling of various goods and services is called _____

Back

trade

Front

_____ is the science of the whole economy, while _____ is the study of people, individual businesses, or markets.

Back

Macroeconomics; microeconomics

Front

Supply and demand helps us understand how the _____ of a particular product and the _____ for it affect the price of the item.

Back

availability; desire