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What is importation?
The process of bringing goods into a country from another country.
What is exportation?
The activity of sending goods to another country in order to sell them there.
What are goods? Give examples.
Products; things we sell and buy. For example: clothes, food, school supplies etc.
What are taxes?
Money paid to the government that is based on your income or the cost of goods or services you have bought.
Give examples of factors that can change the price of goods.
The price of materials, the amount of products available (supply), the amount of people who want to buy it (demand), the cost of transportation etc
What is supply?
Supply is the quantity of products being sold.
Give examples of things the government can improve using our taxes.
Public services such as: schools and universities, hospitals, parks, security, culture, street pavements etc
What are some characteristics of developed countries?
Higher quality of life, higher quality of services, a developed economy and great technological infrastructure, among others.
What is demand?
Demand is the quantity of people who want to buy a product.
What are some characteristics of underdeveloped countries?
Lower quality of life, lower quality of services, underdeveloped economy and low/no technological infrastructure, among others.
