SW Asia Middle East Economics Vocabulary

Economy most of the economic decisions that are made are based on customs & habits of the past.

Tax placed on goods when they are brought into one country from another country A trade barrier

Organization of Petroleum Exporting Countries group of countries export oil to other countries

A system of exchange where one good or service is given in return for another

a person who risks money, time, ideas, and energy to start and run a business.

A way of limiting the amount of foreign goods that can come into the country. (A trade barrier)

Something that is assigned value and can be used to purchase goods and services in a market

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

found in nature: examples mountain ranges, deserts rainforest lack of access to bodies of water

Policies passed by a government to regulate trade.

An economy society’s economic decisions made by individuals decide what produce/what to buy

The amount of people (ages 15 and up) in a country that are able to read and write.

Knowledge & skills make it possible for workers to earn a living producing goods or services

Factories, machines, technologies, buildings, and property needed for a business to operate

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

Trade barrier country will no longer trade w/ country isolate & cause problems country economy

An economy that has characteristics of both market and command economic systems.

Economy which a government planning group makes most of the basic economic decisions