Economics - 6th grade GEO - All terms

Designing, launching, and running a new business.

Land, Labor, Capital, and Entrepreneurship

the measurement of what is produced and what is required to produce it

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

 how a society decides on the ownership and distribution of its economic resources

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

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

When a country brings in a product from another country.

 the resources that cannot be totally replaced

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

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

The quantity of a good available for purchase.

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

a resource that can be totally replaced or is always available naturally

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

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

The quantity of goods bought at certain prices.

to create conditions where all the natural resources for meeting the needs of society are available.

 the level at which a person, group, or nation lives as measured by the extent to which it meets its needs

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

When a country decides to set little or no tariffs (taxes on imports and exports)

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