Economics Vocabulary

resources that come from nature

products a country buys from another country

people with new ideas that are willing to take risks to start a new business or make a product

a mixture of pure command and pure market economies

the market determines what will be produced, based on supply and demand

how much one country's currency is worth in terms of another

People who perform labor

Items people need to perform their jobs (factories, machinery, technology, etc...)

an economic system in which the government controls all economic decisions

money

a measure of the total output of a country that takes the GDP and divides it by the population

a product or service sent to another country

forbids trade with another country, usually for political reasons

countries specialize in what they do best

Restrictions or limits on the amount of a good that can be imported into a country

How well citizens live based on good public services, education, health care, and good jobs

the total value of all the goods and services produced in a country in one year

percentage of people, of a certain age, that have the ability to read and write

a tax on imports

an economic system in which people produce what they need to survive

The ability to read and write