Term
|
Definition
System in which a society decides how to use limited resources |
|
|
Term
|
Definition
Economy where decisions are made according to tradition or custom |
|
|
Term
|
Definition
A centralized economy in which government planning groups make most of the decisions |
|
|
Term
|
Definition
An economy where decisions are made by individuals |
|
|
Term
|
Definition
An economy that has characteristics of both command and market economies |
|
|
Term
|
Definition
People willing to take risks to create a new business and product |
|
|
Term
|
Definition
Where trade has or is beneficial to all parties of countries involved |
|
|
Term
|
Definition
Making products that a country makes best |
|
|
Term
|
Definition
Anything that slows down or prevents one country being able to trade with another country |
|
|
Term
|
Definition
A tax placed on goods when they are imported |
|
|
Term
|
Definition
Sets a specific amount of a product that can be imported in a given period |
|
|
Term
|
Definition
A process that stops trade with another country |
|
|
Term
|
Definition
A group of countries that influence world oil prices by affecting the supply of oil |
|
|
Term
|
Definition
A country's money used in trade |
|
|
Term
|
Definition
How much a currency is worth compared to another currency |
|
|
Term
|
Definition
Factories, machines, and technology that people use to make goods or services |
|
|
Term
|
Definition
|
|
Term
|
Definition
Known as Gross Domestic Product, which is the total value of all goods and services produced by a country in a single year |
|
|
Term
|
Definition
The average income per person for a population
(Divide GDP by total population) |
|
|
Term
|
Definition
Something that is found in nature to use in the manufacturing of goods and services |
|
|
Term
|
Definition
The people who are needed to perform work or services in a business |
|
|
Term
|
Definition
Things that people make or grow |
|
|
Term
|
Definition
Jobs people do to help others |
|
|
Term
|
Definition
A lack of goods or resources |
|
|
Term
|
Definition
Making goods and services |
|
|
Term
|
Definition
|
|
Term
|
Definition
How people get goods and services |
|
|
Term
|
Definition
The amount of goods available |
|
|
Term
|
Definition
How many people what the goods available and what they are willing to pay for them |
|
|
Term
|
Definition
To trade for goods and services without money |
|
|
