Exam Review #1

5. / products bought from business in other countries.
7. / products sold in other countries.
10. / the belief that one's culture is better than other culture.
11. / the difference between a country's exports and imports.
13. / the accepted behaviors, customs, and values of a society.
14. / a situation that exists when a country specializes in the production of a good or service at which it is relatively more efficient.
15. / the study of how people choose to use limited resources to satisfy their unlimited wants and needs
17. / making, buying, and selling goods and services within a country.

1. / a nation's transportation, communication, and utility systems
2. / a country's ability to produce a good or service at a lower cost than other countries.
3. / the belief that the group is more important than the individual
4. / the activities necessary for creating, shipping, and selling goods and services across national borders.
6. / the limited resources available to satisfy the unlimited wants and needs of people
8. / people need and want goods and services that are produced in other countries.
9. / restrictions that reduce free trade among countries.
12. / government policy used to protect local, or domestic, industries from foreign competition.
16. / a political system in which all people take part in making the rules that govern them.
18. / a subset or part of a larger culture.