Economics and Government

The skills, ability, and education of workers

Allowing only a limited quantity of certain imports

Branch of government responsible for writing and passing laws

Workers and their output

Type of democracy in which citizens only vote for members of the legislative branch

Taxes on imports

Form of government in which one person holds total power; may be a dictatorship or monarchy; a dictatorship

A total ban on trade with other countries

Type of democracy in which citizens vote for members of the legislative branch AND the executive branch

An economic system of trade in which private individuals and businesses determine what to produce

Economic principle that prices are set based on the availability of resources and the desire for those resources

The total values of all goods and services in a country DIVIDED by the number of people in the population

Equipment, factories, and other physical tools used to produce goods and services; money or wealth that can be invested.

When countries "do what they do best"

Economic system that relies on competition with some level of government control

Form of government in which citizens hold ultimate power end exercise it by voting

The total value of ALL the goods and services produced by an entire country.

Idea that resources, goods, and services are limited; there is not enough for everyone to have everything they want.

Materials from nature that can be used for economic gain, including minerals, water, trees, and fertile land

An economic system of trade in which the government determines everything

An economic system of trade that's based on traditions and customs

A person who starts or owns a business