2.2 Exploring Economics

Almost all countries on Earth trading with each other

Goods made in one country and sold in other countries

what you give up to make or buy something

makes it easier to create goods and complete tasks

the lower the price of a good or service, the more of it people will want to buy.

Entrepreneurship is

Capital is

Goods and services a country buys from another country

Conflict, Culture, and Geography can all be

when a resource is hardly available or not at all

Economy in which people, NOT the governments have most or all control

a slow growing or shrinking economy, very few jobs

Economy where the government has ALL the control

United States, China, and Japan are the top 3

Ruled by custom and tradition within a family or tribe

land, labor, capital, entrepreneurship are

Labor is

An economy in which the people and the government share control

A resource is

A seller wants to sell the most goods possible for the highest price possible

When goods are traded for other goods