Answered: What are the two ends of the continuum…

What are the two ends of the continuum of economic systems? Trade deficit;Trade surplus Communism;Pure Competition Small GDP;Large GDP Goods-oriented; Service-oriented

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter20: The Global Economy

Section: Chapter Questions

Problem 22AA

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Question

What are the two ends of the continuum of economic systems?

Trade deficit;Trade surplus

Communism;Pure Competition

Small GDP;Large GDP

Goods-oriented; Service-oriented

Definition Definition Situation in which a country spends more on imports than it makes through exports. When a trade deficit exists, net exports will be negative. Trade Deficit = (Imports) - (Exports)

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