Unit 11 Definitions

4. economic system in which the central government directs all major economic decisions
11. Capita GDP total dollar value of all final goods and services produced per person
12. Rate the price of one nation's currency in terms of another nation's currency
13. a written document granting land and the authority to set up colonial governments
15. Countries countries in which decisions of what, how, and for whom to produce are based on custom or habit
16. Monetary Fund agency that offers monetary advice and provides loans to developing nations
18. an individual who has invested in a corporation and owns some of its stock
21. Trade policy of reduced trade barriers
22. a limit on the amount of foreign goods imported into a country
23. a good purchase from one country by another
25. of Directors people elected by the shareholders of a corporation to act on their behalf

1. a customs duty
2. Liability when a business owner's responsibility for a company's debts is limited
3. of Trade the difference between the value of a nation's exports and its imports
4. type of business organization owned by many people but treated by law as though it were a person
5. to sell goods to other countries
6. Countries a country whose average per capita income is only a fraction of that in more industrialized countries
7. Economy system combining characteristics of more than one type of economy
8. Advantage the ability of a country to produce a good at a lower opportunity cost than another country can
9. economic system in which government owns some factors of production and distributes the products and wages
10. ownership share of a corportation
14. Bank international agency that makes loans to developing nations
17. Economy an economic system in which the major economic decisions are made by the central government
19. Union organization of nations whose goal is to encourage economic integration into a single market in Europe
20. American Free Trade Agreement agreement designed to reduce tariff barriers between Mexico, Canada, and the United States
24. Surplus situation in which the value of the products exported by a country exceed the value of its imports