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Definition
| System in which a society decides how to use limited resources. |
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Definition
| Economy where decisions are made according to tradition or custom. |
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Definition
| A centralized economy in which government planning groups make most of the decisions. |
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Definition
| Economy where decisions are made by individuals. |
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| Economy that has characteristics of both command and market economies. |
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Term
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Definition
| (People) Willing to take risks to create new businesses and products. |
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| Where trade is beneficial to all parties or countries involved. |
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Definition
| Making products that a country makes best. |
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| Anything that slows down or prevents one country from trading with another. |
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Term
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Definition
| Tax placed on goods when they are imported. |
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Term
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Definition
| Sets a specific amount of a product that can be imported in a given period. |
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Definition
| When one country announces that it will no longer trade with another country. |
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Definition
| Group of countries that influence world oil prices by affecting the supply of oil. |
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Definition
| A country’s money used in trade. |
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Definition
| How much a currency is worth compared to another currency. |
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Definition
| Factories, machines, and technology that people use to make goods or services. |
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Term
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Definition
| Education and training that workers use to produce goods or services. |
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Term
| Gross Domestic Product (GDP) |
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Definition
Total value of all goods and services produced by a country
in a single year. |
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Term
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Definition
| Average income per person for a population (divide GDP by total population) |
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Term
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Definition
| something that is found in nature that people can use. |
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Term
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Definition
| the people who are needed to perform work or services in a business. |
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Term
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Definition
| things people make or grow. |
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Term
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Definition
| jobs people do to help others. |
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Term
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Definition
| a lack of a good or resource. |
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Term
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Definition
| making goods and services. |
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Term
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Definition
| Buying and using goods and services. |
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Term
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Definition
| How people get goods and services. |
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Term
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Definition
| the amount of goods available. |
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Term
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Definition
| how many people want the goods available and what they are willing to pay for them. |
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Term
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Definition
| to trade for goods/services without money. |
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