Business and Trade Flashcard

Front

What is the capacity of private citizens to create new businesses independent of government direction called?

Back

Entrepreneurship

Front

What is the estimated total value of all final goods and services produced in a nation in a year called?

Back

Gross Domestic Product

Front

What are trade barriers?

Back

Anything that slows down or prevents trade between countries

Front

What is a tax placed on goods coming into a country to protect domestic industry called?

Back

Tariff

Front

What is the goal of an embargo?

Back

To punish another country by suspending trade

Front

What is the common currency of most European Union member states?

Back

Euro

Front

Which of the following is NOT a trade barrier? Tariff, Embargo, Free enterprise, Quota

Back

Free enterprise

Front

Which term refers to the common currency used by most European Union countries?

Back

Euro

Front

Which of the following is an example of a trade barrier? Euro, Embargo, Entrepreneurship, Free enterprise

Back

Embargo

Front

What is the main goal of entrepreneurship?

Back

To create new businesses