Economics, Part Ii Study Guide Questions And Correct Answers

poverty {Ans: Economic situation in which you are unable to meet basic needs for food, clothing, and shelter.}mercantilism {Ans: economic policy where a colony exists to provide money for the mother country}embargo {Ans: partial or complete prohibition of trade with a country}petroleum {Ans: oil}NAFTA/USMCA {Ans: free trade agreement between the US, Canada, and Mexico}capital resource {Ans: money and property that are used to produce goods and services (money and assets)}renewable resource {Ans: resource that replenishes itself as quickly as we use it}interdependent {Ans: an economic system where producers and consumers rely on each other and on other economies to succeed}petrochemical {Ans: chemical products made from petroleum}OPEC {Ans: organization between twelve oil-producing countries used to effectively control the world oil supply}nonrenewable resource {Ans: resource that does NOT replenish itself as quickly as we use it}free trade {Ans: policy where the government does not discriminate against imports or interfere with exports}human resource {Ans: people who produce goods and provide services}natural resource {Ans: gift from nature used by man to produce goods}smuggling {Ans: illegal trade}tariff {Ans: a tax on imports designed to keep out foreign competition}barter