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History - USA boom, bust and recovery flashcards > Boom, Bust and Recovery USA > Flashcards

Flashcards in Boom, Bust and Recovery USA Deck (8)
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1
Q

What is Inflation?

A

The increase in prices of goods and services.

It is normal for inflation to happen gradually every year

2
Q

What is Trade?

A

The buying and selling of goods between different countries.
(Import and Export Trade)

3
Q

What is a Tariff?

A

A tax placed on a product being imported into a country.

This makes it more expensive to sell.

4
Q

`What does a Tariff encourage?

A

The buyers to purchase within its own country as there is no tariff.
This will benefit the country’s economy.

5
Q

What are Interest rates?

A

The percentage added on to borrowed money.

6
Q

What does the word ‘Boom’ describe?

A

When a country is making lots of financial profit through its industry and trade .

7
Q

What does the word ‘Bust’ describe?

A

When a country’s production slows down and they lose money.

8
Q

What does ‘Prosperity’ mean?

A

When the standard of living, in a country, is very good due to its growing economy.