Economics Vocabulary

China will only take 1,000,000 lbs of beef from the U.S. each year. This trade barrier is a

Due to human rights violations, the EU will no longer accept imports from N. Korea, this is a

In the USSR they took all the farms and ran them jointly, This is called

the measure of outputs and inputs (how much stuff you create with what you have)

The U.S. decided to apply a $10 tax on all computers from Indonesia.  This trade barrier is a

A tangible object that satisfies human wants

human work or effort used to produce a good or service

An economy where a central government is in control of all the means of production

The total amount of goods and sersvices a country produces in a year

Economy where production and distribution are determined by supply and demand

Goods used in the production of goods and services (factories, trucks, roads, etc)

The U.S accepts no products from Cuba, this is a trade barrier called

Iraq will accept only 500,000 televisions produced in the EU. This trade barrier is called

Both the state and the private sector affect the state of the economy

Egypt places a $1 tax on all vegetables from Israel, this is a trade barrier called

The study of how goods and services are produced, distributed and consumed

Venezuela's economy is based mostly on oil.  Therefore they have an economy based on _______.

Entrepreneurs buy tools and machines to produce their products.  This is investing in

Canada will only accept 100,000 computers from Asia next year.This is a trade barrier called a

_____________ individulas combine land, labor and capital to produce goods to make a profit.

Agricultural economy based on subsistence farming and barter (trade) instead of money

When we invest in education, we are investing in our nation's

Transferring public property to individuals or organizations

Toothbrushes, screwdrivers and pens produced to satisfy human wants and needs are

an intangible (non-physical) object that satisfies a human want or need

Every nation in the world but North Korea has a __________ economy.

Things like water, gold, timber that occur in a region or environment

When my economy is too specialized, this will fix it by bringing a variety of business types.

Consisting of natural resources used to produce materials: water, minerals, soil, air, etc.