Words and meaning Global Economy Flashcards
what are four weapons of a trade war.
Tariffs
Quotas
Manipulating
lengthy
what is are tariffs
taxes on imported goods
what are quotas
quantity limits on imported goods
what is Manipulating
the value of each others currency exchange rate
what is lengthy
inspections of goods at entry ports
what does trade war mean.
A form of economic coercion where countries try to attack each other’s international commerce with tariffs, quotas and other measures.
what are exports.
Goods such as food, clothes, coal and oil sent over to countries that have bought the goods from you. Transported over seas. What we sell.
What are imports.
Goods that you have bought that come or made in from over seas from other countries. what we buy.
what are the factors of production.
- Land
- Labour
- Capital
- Entrepreneurship
What is land.
Natural resources such as , land, water, food ( meat, cheese, vegetables).
What is labour.
People that work or the process of production.
what is capital.
all man made things or objects like a fridge, oven, shovel.
what is Entrepreneurship.
they bring the other of production together. It is like the boss, owner or person who came up with the business.
what does demand mean.
the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.
what are goods
tangible items, or products, that people can purchase and own, like food, clothing, or electronics, which satisfy human wants and needs.
What are services.
intangible activities provided by other people, such as teacher, doctor, hairdresser and mechanic
What does supply mean.
the quantity of a particular good or service that producers are willing and able to provide to the marketplace.
what is the factors of production
inputs/resources used in the supply of goods and services
what does Opportunity cost mean.
the next best alternative given up when a choice is made.
either is right.
the loss of other alternatives when one alternative is chosen.
what does exchange rate mean.
the value of one currency for the purpose of conversion to another.
what does economy mean.
all of the activities related to the production, consumption, and trade of goods and services in an entity.
or
The process or system by which goods and services are produced, sold, and bought in a country or region.
what does appreciation mean.
the currency of a country rises in value against other currencies.
This causes a country’s exports to be more expensive, while imports become relatively cheaper.
What does depreciation mean.
the currency of a country falls in value against other currencies.
This causes a country’s exports to be relatively cheaper, while imports become more expensive
Appreciation vs Depreciation
When the AUD rises in value against other currencies this is known as an appreciation.
When the AUD falls in value against other currencies this is known as an depreciation.
