Dave Ramsey Ch 13 Global Economics

A system of economics based on the private ownership of business and the products (goods and services) made and sold.

• Economics

• Exports

• Capitalism

• Competitive Advantage

The development and movement of goods and services through an economic system.

• Chain of production

• Factors of production

• Gross domestic product (GDP)

• Imports

The advantage one business has over another, generally due to lower production costs or a better product.

• Embargo

• Competitive Advantage

• Rationing

• Socialism

The study of how a society manages its resources to produce and distribute goods and services.

• Economics

• Socialism

• Tariffs

• Captialism

A government order that restricts or prohibits trade completely.

• Globalization

• Global Interdependence

• Embargo

• Tariffs

When countries sell their resources, materials, and goods they produce to another country.

• Embargo

• Inflation

• Imports

• Exports

All of the things necessary to produce goods or services.

• Factors of production

• Global Economics

• Gross Domestic Product (GDP)

• Inflation

The interaction between the various countries of the world.

• Global Interdependence

• Global Economics

• Globalization

• Globe

The study of how all the different economies in the world work together.

• Global Interdependence

• Global Economics

• Globalization

• Globe

Countries depend upon one another to provide the goods and services they need in exchange for money or a trade of resources.

• Global Interdependence

• Global Economics

• Globalization

• Globe