EPF Unit 1

Define Import

• A good sold to another country

• A good bought another country

• A Ban on Trade

Define Export

• A good sold to another country

• A Ban on Trade

• A good bought another country

Define Embargo

• A good sold to another country

• A Ban on Trade

• A good bought another country

Define Scarcity

• A tax on imported goods

• A good that is in short supply

• The process of a business developing on an international scale

Define Globalization

• The process of a business developing on an international scale

• A good that is in short supply

• A tax on imported goods

Define Tariff

• A tax on imported goods

• A good that is in short supply

• The process of a business developing on an international scale

Which of the following is NOT an advantage of a Market Economy

• Variety of products to purchase

• Income inequality

• Increased productivity

Which of the following is NOT a disadvantage of a Command Economy?

• Common production effort

• Government holds all the economic power

• Does not meet the demands of the public

Which of the following is NOT an advantage of a mixed economy?

• Increased productivity

• Fair competition between companies

• Too many Taxes

What has helped drive the advancement of globalization?

• New Civilizations

• Technology

• More goods to Trade