economics deck 3 - basics

Question 1

exports

Answer 1

Exports are goods and services produced in one country and sold to buyers in another country

Question 2

imports

Answer 2

the purchase of goods or services from another country and bringing them into your own country.

Question 3

tariffs

Answer 3

a tariff is a tax imposed by a country on goods imported from another country, essentially making those goods more expensive to consumers and businesses.

Question 4

market economy

Answer 4

business own the resources (land, labour & capital) and they decide what, whom and how to produce. The government has very little control over the economy. its main role is to ensure laws are followed. (copyright, contracts) ( united states, uk)

Question 5

planned economy

Answer 5

government controls EVERYTHING, whom,how and what to produce (north Korea, cuba)

Question 6

what is economics

Answer 6

Economics is the study of how people produce goods for other people to consume, and services for other people to use.

Question 7

opportunity cost

Answer 7

The value of the next best alternative use of resources

Question 8

private enterprise

Answer 8

business or industry that is managed by independent companies or private individuals rather than being controlled by the state.