business unit 3 lesson 6

unemployment occurring when a country is facing a recessionary period

cyclical unemployment

_____ are goods and services sold by one country to other countries.

exports

_____ are goods sold by other countries to a particular country.

imports

unemployment occurring when an individual is changing jobs

Frictional unemployment

unemployment occurring when jobs are replaced because of advances in technology, such as machinery replacing manual labor

structural unemployment

some kind of benefit, often in the form of tax breaks, given by the government to encourage a type of behavior, such as tax incentives to increase exports

subsidies

taxes placed on the exports or imports of a good from another country

tariffs

What is gross domestic product?

the monetary value of all the goods and services a country produces over a given period of time, typically calculated annually

By definition, unemployment does NOT include individuals who are not actively looking for a job.

true

What is the term for when someone who is actively looking for a job is unable to find work?

unemployment

Describe what is meant by the statement "international free trade takes a laissez-faire approach to trade."

a laissez-faire approach to economic management 'Global free trade has a laissez-faire attitude to commerce,' which implies that government should stay out of it and let the market run its course.

The _____ economy is a nation's entire economy as made up of the multiple micro-economies of individuals and businesses.

aggregate

a government-imposed trade restriction that limits the number of goods or services that can be imported or exported during a period of time, usually in the form of monetary value

quotas