Economic Terms for Market Day Project

Allows countries to sell their goods without fees or taxes that make the cost higher than the cost of goods produced.

The percentage of people who can read or write in a country.

When one country produces a good or service at a lower opportunity cost than another county. They're good it making it.

A mix of command, market, and traditional economic systems. Most countries have this kind of economy.

When you take a country's GDP and divide it amongst the population (per person).

An economy in which the government controls all economic issues and citizens are not allowed to own businesses.

Anything you need to make other goods or make your business work.

A person who is willing to take a risk to start a business.

Humans (people) needed to make your business work.

An economy in which private citizens are free to develop many types of businesses. It's sometimes called a free market.

A contry's economic report card. The total value of goods and services in a country within a year.

Any law or practice that a government uses to limit, prevent, or stop trade with a foreign nation.

A fee or tax charged for goods or services brought into a country.

A type of trade barrier in which a government order is issued to stop trade with a foreign nation.

An economy in which people use the same work methods and tools generation after generation as tradition.

Which is NOT one of the 3 Basic Economic Questions?

A business owned by citizens personally.

Materials or substances that occur in nature and that can be used for economic gain.

A business owned by the government.

The amount of land able to be farmed on. Good farming land.

The amount of something that is allowed or admitted.