Duplicate of SW Asia Middle East Economics Vocabulary

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

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

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

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

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

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

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.

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

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

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

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

Policies passed by a government to regulate trade.

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

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

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

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