Economic Vocabulary Review

The measure of how much one currency is worth in relation to another.

The degree to which a person can afford necessities and luxuries.

a scale showing how much of a country's decisions are determined by the government versus producers and consumers

Economic decisions on pricing and production are made by individuals or the open market.

A tax placed on imported goods.

The way in which a society or country organizes the production and distribution of goods and services.

the skills and knowledge gained by a worker through education and experience

The process of exchanging once currency to another in order to trade.

An economic system in which the government controls a country's economy.

A government policy or restriction that limits international trade.

The percentage of a country's people who can read and write.

Ability to organize, manage, and take risks of starting a business.

limited resources; exists all the time; not enough to meet all needs.

Resources used to produce goods and/or services, including land, labor, capital, and entrepreneurship.

An economy in which production is based on customs and traditions and economic roles

A ban on trade with another country usually for political reasons.

Buildings, machines, technology, and tools needed to produce goods and services.

The sum total of the value of all the goods and services produced in a nation

the materials or substances that come from nature

The international trade between countries.

Products created within one's own country; not foreign.

What to produce? How to produce? For whom to produce?

An economy with elements of both market and command economies.

The relationship between the amount of product and the desire for the product.

When countries depend on each other, usually for goods and/or services.

A limit placed on the quantity of a product that can be imported

when a country uses its available resources to produce the goods and services it can make most efficiently