Economic Vocabulary

The Second Most Valuable Thing Given up When You Make a Choice

Unlimited Demand + Limited Resources

Something You Must Have to Survive; Water, Food Shelter

Natural Resources, Human Capital, Capital Goods, Entrepreneurship

Tariffs, Quotas, Embargoes.....

There are some Free-Market Principles, but also some Government Involvement in the Economy.

Economic System That Is Based on Traditions and Customs

Buildings, Machines, Technology, and Tools Needed to Produce Goods and Services.

An Economy Where All Countries Share in the Buying and Selling of Goods and Services Creating:

Government has 100% Control of all Economic Decisions Made

What Will Be Produced? How Will It Be Produced? for Whom Will It Be Produced?

Group Formed in 1961 to Control the Production and Distribution of Oil Around the World.

When a Nation/Individual Concentrates Its Productive Efforts Making a Limited Variety of Goods

Concerning Farms, Farmers, or the Use of Land; Agricultural

The act of making a good or service (NOT starting one)

Everyone Depends on Each Other

The Use of Goods or Services

The Amount of a Good or Service That Is Available

A Restriction Placed on the Amount of a Product Allowed to Enter or Leave a Country

The Range of Economies from Pure Market Systems to Pure Command Systems

Taking a Risk to Make a Profit - Usually by Starting a Business (Steve Jobs, Bill Gates)

Someone who uses a Good or Service

Changing one nation's money to another in order to purchase goods across the world market

Land Suited for Agriculture/Farming/Growing Crops

How Much Consumers Want a Product or Service

Consumers Determine What Will Be Produced Based on the Purchases They Make

Complete Restriction on Certain Imported and Exported Goods or Services

The Knowledge and Skills That Workers Acquire Through Education, Training, and Experience

Factories Where Objects Are Made

Something You Would Like to Have but is Not Necessary to Survive

Economy is Owned Entirely by Private Businesses; No Government Interference

A Tax on Imported Goods

The Percentage of a Country's People (Age 15 and Older) Who Can Read and Write.

Tools That Companies Use to Try to Persuade Consumers to Make a Purchase. (50% off Sale)

The Study of How we Make Decisions in a World Where Resources are Limited

Gross Domestic Product; the Total Market Value of All Goods and Services Produced in an Economy