This type of economy uses both planned economies & market based economies.  Some businesses are government controlled (military, schools) while others are privately owned (manufacturing & retail). The US is this type of economy.

In Canada, the economic system is one where the government owns and operates key enterprises that directly affect public welfare such as utilities & healthcare but other businesses are privately owned.  What type of economic system is this?

 A good way to look at the economy is through trade.  This idea compares the value of the products that are imported to the value of the products that are exported.  We want to have a higher value of exports than we do imports. What is this called?

   USMCA is a trading bloc designed to eliminate trade barriers. Which 3 countries are part of this agreement?

 In this type of competition, there are many sellers competing with virtually identical products so that no one company controls price.  It is easy to enter/exit this market Ex: Agriculture, corn

  The US imposes a 2% tax on all items of clothing imported from China. This tax is called what?

 As an accountant for CPG Inc, you realized that the company was falsifying financial statements in order to record more profits so she contacted the FBI to report them. You actions would make you a _____________.

 This type of “cost” is the cost of giving up the second-best choice when making a decision. For example, you give up the chance to work and make money in order to go to school and potentially make more money later. 

Which of the following best defines “value”

In the US, if we had a decrease in the Gross Domestic Product (GDP) for 2 or more consecutive quarters, what would we call this decrease?