Global Economy Vocabulary Quiz

Government controls all aspects of production, distribution, & consumption of goods/services

The process of making or growing something for sale or use

Tax to be paid on imports or exports

A measure of the economic value of an employee's skills

Economic system where private individuals/corporations own, produce, distribute resources

Level of wealth, comfort, material goods available to a certain class or a geographic area

Economic & political union between European countries to encourage cooperation, esp. in trade

World-wide economic activities of countries that can affect other countries for good or bad

Exchanging goods or services for other goods or services without using money

The act or process of using up something (as food or coal)

Economics can be described as a science that deals with ....

Insufficiency or shortness of supply

Materials like minerals, forests, water that occur in nature & can be used for economic gain

General well-being of a person or society, defined in terms of health & happiness, not wealth

The personnel of a business or organization, especially when regarded as a significant asset

Agreement among the US, Canada & Mexico to remove tariff barriers between the three countries

A mixed economy ...

A system that relies on customs, history and time-honored beliefs (culture)

System of free competition; prices are determined by supply and demand (no government control)

Political & economic system where major resources in a society are owned by the state/nation