Economics Basics

A tax on imports

Take a risk and starting a business is called...

A limit on imports to protect domestic products

the process of removing salt from water is called

Getting training in welding is an example of...

In a traditional economy, who decides what to produce, how to produce, and for whom to produce

In a market economy, who decides what to produce, how to produce, and for whom to produce

A refusal to trade

The value of all goods and services made in a country in a year

underground water

Factories and machinery is an example of...

If businesses focus on making 1 product & become more efficient, they encourage trade.

Which country in the Middle East leans the most towards Command?

Changing money from one type to another is called...

The value of all goods and services made in a country in a year per person

Which country in the Middle East leans towards Market?

underground water that is not renewable

Computer control water to plants

In a command economy, who decides what to produce, how to produce, and for whom to produce