Economic Terms for 7th Grade SS

When a country educates, builds skills, and trains workers.

The gifts nature provides to a country.

This economic system is a blend of command and market systems.

In this economic system, the government makes all economic decisions.

A limit on the amount of imported goods.

The total value of all goods and services produced within a country in a single year.

A ban on trading with a particular country for economic or political reasons.

When a country invests in factories, machinery, and technology for its workers.

In this economic system, decisions are based on customs and beliefs of their ancestors.

The ability of the people over the age of 15 to read and write.

In this economic system, decisions are made by private citizens with no government regulation.

Someone who is willing to take a risk to begin a new business.

A tax that is placed on imported goods is called;

Producing goods a country can make most easily so they can trade for things they cannot make.

Policies that limit the ability of a country to trade with other countries.