Unit 1 - Economy and Government Vocabulary

Creative, original thinkers who are willing to take risks to create new businesses and products.  

A trade barrier in which one country announces that it will no longer trade with another country. 

All economic decisions are made by the government.

The factories, machines, and technology that people use to make products to sell.

A way of limiting the amount of foreign goods that can come into a country.

A type of government where a president is chosen to be the leader.

A political system in which the people play a much greater role in the government.

Citizens elect representatives to a legislative and the legislators elect the leader.  

The percentage of people in a country that can read or write.

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

Anything that slows down or prevents one country from exchanging goods with another.

All economic decisions are based on customs, traditions, & beliefs of the past.

The exchange of goods and services between countries.

Quality of life and quantity of goods and services available to people in a country.

A government in which the ruler has absolute power.

Having characteristics of two types of economic systems. 

A tax placed on goods when they are brought into one country from another country.

The knowledge and skills that make it possible for workers to earn a living producing goods or services.

A business that has the legal right to exchange one currency for another. 

Gifts of Nature; something that is in or supplied by our natural environment and can be consumed or used by people

A government that promotes the establishment of a classless society.

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

Both parties in the transaction see that they will be able to gain something from the exchange.

Economic decisions are made based on the changes in prices that occur as buyers & sellers interact in the market place. 

The amount of goods and services produced compared to the number of people.