Economic Vocabulary Review

the materials or substances that come from nature

Economic decisions on pricing and production are made by individuals or the open market.

The sum total of the value of all the goods and services produced in a nation

An economy with elements of both market and command economies.

The way in which a society or country organizes the production and distribution of goods and services.

The measure of how much one currency is worth in relation to another.

When countries depend on each other, usually for goods and/or services.

The process of exchanging once currency to another in order to trade.

A tax placed on imported goods.

An economy in which production is based on customs and traditions and economic roles

The relationship between the amount of product and the desire for the product.

Resources used to produce goods and/or services, including land, labor, capital, and entrepreneurship.

the skills and knowledge gained by a worker through education and experience

Products created within one's own country; not foreign.

The international trade between countries.

when a country uses its available resources to produce the goods and services it can make most efficiently

A ban on trade with another country usually for political reasons.

What to produce? How to produce? For whom to produce?

The percentage of a country's people who can read and write.

a scale showing how much of a country's decisions are determined by the government versus producers and consumers

A government policy or restriction that limits international trade.

The degree to which a person can afford necessities and luxuries.

Ability to organize, manage, and take risks of starting a business.

Buildings, machines, technology, and tools needed to produce goods and services.

A limit placed on the quantity of a product that can be imported

An economic system in which the government controls a country's economy.

limited resources; exists all the time; not enough to meet all needs.