Econ Vocabulary Review

amount of products and services produced in one country in one year

Supply and demand guide decisions.

product brought into a country through trade or sale

Factories are concerned with quotas not with making profits.

economic system where the people answer the 3 economic questions

the machines, tools, factories, land, and technology that are needed to make other products

product leaving a country through trade or sale

economic system where the government and people share in answering the 3 economic questions

governmental policies that restrict the entry of products into a country

when a country focuses on creating a few specific products

money

rate at which one unit of currency is traded for one unit of another currency

Investing in human and capital goods ____________ a country's GDP.

Government regulates, but individuals own "means of production".

limiting the amount of products that can come into a country

Entrepreneurs ________________ a country.

The study of how people or countries manage their limited resources.

raw material from nature that is used to produce things

Standards are

Usually found in undeveloped countries.

Trade barriers are meant to

tax on imports

The oil put into a car during an oil change is an example of

economic system where social roles and culture answer the 3 economic questions

economic system where the government answers the 3 economic questions

bringing together natural, capital, and human resources and developing businesses

A mechanic at the Kia dealership is an example of

voluntary exchange of products and services

cutting off trade to a certain country because of political reasons

labor done by people in order to produce products