Economics - 6th grade - GEO Test Terms

The quantity of goods bought at certain prices.

the total dollar value of all final goods and services produced in a country during a single year

Natural resources such as soil, minerals, timber, and fresh water.

This is what you give up as a result of making a purchase or other choice.

When a country brings in a product from another country.

An economy based on traditions, customs, and beliefs. This economy revolves around trade.

Designing, launching, and running a new business.

An economy where decisions regarding investment, production & distribution are made by citizens

Resources such as buildings, tools, and machines used to create goods and services.

Physical and mental efforts people use to create goods and services.

This type has private ownership of businesses but government plays a role in the economy.

To send a product produced in one country to another country.

An economy where production, investment, prices, and incomes are determined by the government.

The quantity of a good available for purchase.