Economics Vocabulary

Is all of the human effort used to produce goods and services.

Materials or substances that occur in nature and can be used for economic gain

decisions on production of goods and services based on voluntary exchange in markets

An instrument for showing how much economics freedom a country has vs. government control

When one country can produce a good or service at a lower opportunity cost than another country

The skills that humans have to build things or perform services.

What you give up to gain something else

Type of trade barrier that forbids trade with another country

A level of material comfort measured by the goods, services, and luxuries available

An economy based on customs and traditions and economic roles are passed down

is a generally accepted medium of exchange.

All of the resources made and used by people to produce goods and service

money from one country is converted into the currency of another country

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

a government tax on imports or exports

A market value of all goods and services produced within a country in a given period

When individuals or groups have an idea for a good or service and take the risk to produce it