Economics Terms Review

How comfortably the average citizen can live in a country based on how much he/she earns and can spend

Goods and services that are produced in another country that are BROUGHT INTO a country

This agreement created the world's largest free trade zone in 1994 between Canada, USA, and Mexico

A person who takes risks and starts a business.

A government paying for public education, job training, and healthcare of workers would all be examples of ___________.

Money exchanged by countries to make trade easier

A trade barrier that bans all trade with another country

Most countries in the world have ______ economies.

The skills, talents, and education of people used in the production of goods and services

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

Which is an example of investment in human capital?

An Economic Continuum _________________and _________________. (Choose 2 correct answers.)

The government answers the 3 economic questions of what, how, and for whom to produce.

The ability to read and write

Goods such as machines and tools, used in the production of other goods and services.

Both the government and citizens answer the 3 economic questions of what, how, and for whom to produce.

Goods and services produced in a country that are sold and SENT TO another country

Resources that are found in nature and used in the production of goods and services

A country's ability to be an expert at producing certain goods and services (This is a Lamborghini made in Italy.)