QuizQ2 Flashcards
(17 cards)
Gloabalization
The way countries use technologies and communication to connect with one another.
Trade
buying and selling of goods and services
Common market
An alliance of countries in the European union that dropped trade barriers within their members.
free enterprise
An economy where the market determines prices, products, and services rather than the government.
middle class
between the rich and poor
Democracy
A country in which the power is in the hands of the people and exercised by its representatives.
Communist
A person who believes in communism.
What is communism?
The belief marked by a classless society and the absence of private property.
European union
An economic and political association of countries in europe.
Import
A good or service brought from one country and manufactured in another.
Export
Goods and services manufactured in one country but sold to buyers in another country.
Fair trade
the exchange of goods and services with the same level of value.
Barter exchange system:
the exchange of goods and services without the use of money.
Primary industries
Raw materials for the second industry to convert into goods
Secondary industries
the manufacturing industry, raw materials are collected from the primary industry and made into sellable products.
Tertiary
The service industry provides services to the community.
Quanterary
Industry that provides research and business advice.
