2020 T01 L05-07 Vocab

A pattern of organized relationships among groups of people within a society

The people or businesses that buy goods or services

the cost of what you have to give up in order to buy something

The exchange of goods and services

Removal of trade barriers

The amount of a good or service available

The desire for a certain good or service

People or businesses that make and sell goods or services

The study of how people meet their wants and needs

Economic growth or an increase in living standards

The level of comfort enjoyed by a person or a society

The spread of cultural traits from one culture to another

A group of people living in similar economic conditions

The amount of goods or services produced given the amount of resources used

The 0º latitude line

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

The 0º line of longitude

All of the buying and selling that takes place within a country

A group of people with a shared culture who have organized themselves to meet their needs

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

A government policy or restriction that limits international trade

What a country is good at producing, or its ability to produce a product more efficiently than others

A country with a less productive economy and lower standards of living

A tax on imports and exports

The beliefs, customs, practices, and behaviors of a particular nation or group of people