class 3 econ vocab

A system of exchange where one good or service is given in return for another

The total value of all the final goods and services produced within a nation in a given year

An economy society’s economic decisions made by individuals decide what produce/what to buy

Trade barrier country will no longer trade w/ country isolate & cause problems country economy

Factories, machines, technologies, buildings, and property needed for a business to operate

Those products a country makes best and that are in demand on the world market.

An economy that has characteristics of both market and command economic systems.

Tax placed on goods when they are brought into one country from another country A trade barrier

Something that is assigned value and can be used to purchase goods and services in a market

Policies passed by a government to regulate trade.

found in nature: examples mountain ranges, deserts rainforest lack of access to bodies of water

Economy which a government planning group makes most of the basic economic decisions

Knowledge & skills make it possible for workers to earn a living producing goods or services

a person who risks money, time, ideas, and energy to start and run a business.

Economy most of the economic decisions that are made are based on customs & habits of the past.

The amount of people (ages 15 and up) in a country that are able to read and write.

Organization of Petroleum Exporting Countries group of countries export oil to other countries

A way of limiting the amount of foreign goods that can come into the country. (A trade barrier)