Global Economy Vocabulary Quiz

Political & economic system where major resources in a society are owned by the state/nation

Economic & political union between European countries to encourage cooperation, esp. in trade

Exchanging goods or services for other goods or services without using money

Level of wealth, comfort, material goods available to a certain class or a geographic area

General well-being of a person or society, defined in terms of health & happiness, not wealth

World-wide economic activities of countries that can affect other countries for good or bad

Materials like minerals, forests, water that occur in nature & can be used for economic gain

Economics can be described as a science that deals with ....

A system that relies on customs, history and time-honored beliefs (culture)

Economic system where private individuals/corporations own, produce, distribute resources

Insufficiency or shortness of supply

The process of making or growing something for sale or use

A measure of the economic value of an employee's skills

The personnel of a business or organization, especially when regarded as a significant asset

The act or process of using up something (as food or coal)

A mixed economy ...

Tax to be paid on imports or exports

Agreement among the US, Canada & Mexico to remove tariff barriers between the three countries

System of free competition; prices are determined by supply and demand (no government control)

Government controls all aspects of production, distribution, & consumption of goods/services