“ I ” See Starts with “S” “W” OW You “C” All Mixed Up 1pt 1 pt 1 pt
Goods brought in from another country.
What are imports?
Payments received that may be spent or save.
What is income?
A charge you pay for a loan, or money you make by letting the bank use your money
What is interest?
An upward movement of the general level of prices—can pay more and get less
What is inflation?
Each country needs the other countries to meet the needs and wants of its people
What is interdependence?
Shares in a company that are sold to the public
What are stocks?
The amount of items produced for sale
What is supply?
The part of your income not spent on goods or services
What are savings or surplus?
When many people want something, but there is a limited supply Ohio State Football
What is scarcity or shortage?
When only a very few products are made instead of many different products
What is specialization?
Payment for your labor
What are wages?
The use of mental or physical effort to produce a good or service
What is work?
The international organization dealing with global rules for trade
What is the World Trade Organization?
All of your assets capable of earning an income
What is wealth?
The organization that gives capital to developing countries
What is the World Bank?
One who buys or uses goods or services
Who are consumers?
Contest between two companies to win more customers
What is competition?
The sole legal right to sell a good (think music)
What is copyright?
The links between raw materials, suppliers, manufacturers and retailers
What is the Chain of Distribution or the Circular Flow of the Economy
Items used by households
What are consumer goods?
Goods and services sold to other countries
What are exports?
Any object that is capable of satisfying a human want
What are goods?
Making large amounts of goods
What is manufacturing?
(minerals and other raw materials ) All natural resources (minerals and other raw materials )
What is land?
All human resources--workers
What is labor?