Global Economy Vocabulary Quiz

The act or process of using up something (as food or coal)

Exchanging goods or services for other goods or services without using money

Political & economic system where major resources in a society are owned by the state/nation

Government controls all aspects of production, distribution, & consumption of goods/services

A mixed economy ...

System of free competition; prices are determined by supply and demand (no government control)

World-wide economic activities of countries that can affect other countries for good or bad

Economic system where private individuals/corporations own, produce, distribute resources

The process of making or growing something for sale or use

Materials like minerals, forests, water that occur in nature & can be used for economic gain

Tax to be paid on imports or exports

Insufficiency or shortness of supply

Level of wealth, comfort, material goods available to a certain class or a geographic area

A system that relies on customs, history and time-honored beliefs (culture)

Economic & political union between European countries to encourage cooperation, esp. in trade

The personnel of a business or organization, especially when regarded as a significant asset

Economics can be described as a science that deals with ....

Agreement among the US, Canada & Mexico to remove tariff barriers between the three countries

A measure of the economic value of an employee's skills

General well-being of a person or society, defined in terms of health & happiness, not wealth