Econ Pretest Unit 4

A complete halt on trade with another country.

the production, distribution, trade/consumption of goods/services in a geographical location.

Taxes placed on imports and exports

Economic questions answered by consumers; no government involvement.

a person who purchases goods/services for personal/professional use.

the measure of an economy; values of goods/services within a nation's borders: usually 1 year

a person, company, or country that makes, grows, or supplies goods or commodities for sale.

When a country limits the amount of imports that enter a country

Government answers all economic questions; reduces competition.

a system of money in general use in a particular country.

a person who organizes/operates a business taking on greater financial risks in order to do so.

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

Economies based on the past; societies of hunters and gatherers

economy blends two or more economic systems; most countries in the world have this economy.

government imposed restrictions on international goods or services