Review 1 - Chapter 24 & 25

a government organisation with the authority to administer a range of policies within an area of the country

(a)  

1. an industry where a single firm can produce at a lower average cost than two or more firms because of the existence of significant economies of scale

(a)  

1. industries are important for the economic development and safety of the country

(a)  

1. industries that are, or have the potential to be, world leaders

(a)  

1. A regional group of countries that remove trade restrictions between them

(a)  

1. The exchange of goods and services between countries without restriction

(a)  

1. An increase in the output of an economy in the long run, an increase in the economy's productive potential

(a)  

1. An increase in the output of an economy

(a)  

1. An increase in an economy's productive capacity

(a)  

1. The total demand for a country's product at a given price level. It consists of consumer expenditure, investment, government spending and net exports (exports-imports)

(a)