Term
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Definition
| Gross Domestic Product...the total amount of goods and services produced in a country in a year |
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Term
| List 3 things that affect a country's GDP |
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Definition
| Human capital, capital goods, natural resources, entrepreneurs |
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Term
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Definition
| The value that people bring to the marketplace; human labor |
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Term
| Name 2 things that influence human capital |
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Definition
| education/training, health of employees |
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Term
| Give 2 examples of capital goods |
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Definition
| machines like ovens, sewing machines, computers, etc... |
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Term
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Definition
| a person who is willing to take a risk to create a business to sell a new technique, idea, or product |
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Term
| Explain the connection between natural resources and country's wealth |
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Definition
| Many natural resources usually means more wealth, especially if a country has a lot of petroleum (oil) |
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Term
| Give one example of a trade barrier in Europe |
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Definition
| Tariffs, Embargo, Quota, the Alps for Switzerland, some countries don't use the Euro, some countries may be landlocked |
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Term
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Definition
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Term
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Definition
| A ban on trade with a country for political reasons |
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Term
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Definition
| A limit on the amount of a specific good that is imported |
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Term
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Definition
| the rate at which currency in another country can be exchanged for local currency |
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Term
| What is one reason why it is more expensive to have exchange currencies from one country to another country? |
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Definition
| Banks charge a currency exchange fee |
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Term
| If Scandinavia has a high literacy rate, what does that mean about its development? |
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Definition
| Higher standard of living; well developed |
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