Which of the following economic sysems describes the way the United States operates?

Which of the following is an economic system where the government controls all the aspects of production and income generated by the most valuable resources?

Which of the following is an economic system where everything is sold, bought, and traded without governmental involvement?

Which of the following is NOT a factor of production?

Which of the following is NOT an example of competitive advantage?

Which of the following countries has the largest gross domestic product (GPD)?

When supply and demand are equal, what word is used to describe the economy?

What term describes lacking the financial resources to meet a minimum standard of living?

Because of inflation...

Which of the following is NOT an example of a capital good?

All of the following are barriers to trade EXCEPT:

NAFTA stands for what?

When something is in short supply, it is referred to as what?

GDP stands for...

Exports and imports are a huge factor in the economy of the United States.

Global interdependence means countries depend on one another to provide goods and services they need in exchange for money or a trade of resources.

The United States is a global leader in exporting mobile phones.

Embargoes are fees and taxes on exports and imports.

Macroeconomics is the study of individual and small business economic decisions.

The fourth sector in the chain of production is the quaternary sector.

The secondary sector inthe chain of production is where raw materials, fish, and animals come from.

Marginal business costs are the costs that stay the same every month.

Services are tangible items such as food, clothing, shoes, and anything you can touch and buy.

Real GDP is an inflation-adjusted figure.

When one country sells goods or services to another country, it's an...

The rate at which the prices for goods and services rise:

An economic system in which a large part (if not all) is controlled by a central power (such as the government):

A fee or tax on exported and imported goods and services:

A system of economics based on the private ownership of business and the products made and sold:

The study of how all the different economies of the world work together:

All of the things necessary to produce goods or services:

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

An economic system where capitalism and competition characterize how goods and services are sold:

When one country buys goods or services from another country, it's called an...