Business Test Review Grade 12 Unit 4 - Business - Review

592 words - 3 pages

Business Test Review
Market economy: An economic system determined by free competition
Centrally planned economy: the government controls all element of the economy, including prices, wages & production
Mixed economy: Combines government intervention and private enterprise
Absolute advantage: The ability of a country to use its resource to make a product more efficiently than others
Democracy: A country governed by all eligible members of the population through elected representatives
Autocracy: The economy is ruled by a single individual or small group of people
Comparative advantage: A country that produces a good at a lower opportunity cost than another country
Business Cycle: Measures GDP and is periodic and unpredictable.
Recession: Decline in consumer purchasing, an increase in unemployment.
Trough: Production and unemployment reach their lowest levels
Expansion: Where the economy begins to grow again
Peak: The economy stops expanding and beings contracting
Embassies: located in the capital cities of countries and provides a full range of services
Develop Countries: First-World countries
Developing Countries: emerging countries
Undeveloped Countries: Third-World countries
Dumping: Selling products in a foreign country below the cost of production in home country
Globalization: The movement of the goods, services, technology, investment, ideas, & people throughout the world
EU (European Union): Has its own flag, currency, anthem & common foreign policies
WTO (World trade organization): Ensures that global trade flows smoothly, predictably, and freely as possible
IMF (International Monetary Organization): Promotes financial stability, prevents economic crises, encourage growth, & assuage poverty
APEC (Asia Pacific Economic Cooperation): trade organization which unites many of the countries surrounding the Pacific Ocean 
G8: Discusses macroeconomic issues such as trade, economic growth, and poverty 
G20: Discusses financial stability and the growth of developing countries 
OECD (Organization for Economic Co-operation & Development):
Microcredit: ...

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