Core Concepts 5: Economics and Geography

The study of how people meet their wants and needs is called.

Goods and services sold in a country that are produced in other countries are called...

A tax on imports or exports is called......

A country with a strong economy and a high standard of living is a

An increase in productivity is often the result of

The amount of a good or service that is available for use is called.....

An economy in which individual consumers and producers make economic decisions.

What is the most common type of economy today?

Which is not a factor economists use to calculate how developed a country is.

When supply rises, what happens to demand?

In a growing economy, prices may increase over time. This general increase is called inflation?

An economy in which people make economic decisions based on their customs and habits

Buying a bond is similar to giving a gift?

The desire for a certain good or service

The exchange of goods and services in a market is known as....

An economy that combines elements or traditional, market, and command economic systems.

People or businesses that make and sell products are called.......

People or businesses that buy, or consume, products.

An economy in which the central governments makes all the economic decisions.

Goods and services produced within a country and sold outside the country's borders is known as

A decline in economic growth for 6 or more months in a row is known as