Economic Terms

Displays both market and command economic system characteristics.

Anything that slows down/prevents a country from exchanging goods with another country.

Centralized economy in which government planning groups makes most economic decisions.

An economic system based on one-party rule; government ownership of resources/decisions.

Factories, machines, and technology that people use to make other goods.

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

Creative, original thinkers who are willing to take risks to create new products/services.

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

The knowledge/skills making it possible for workers to earn a living producing goods/services.

Most of the economic decisions are based on custom/habit of how decisions were made in the past

An organization created in 1960 to regulate the supply and demand of oil.

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

The way in which a country uses its resources to satisfy people's needs/wants.

The total value of all goods and services produced by a country in one year.

Goods and services traded with or sold to other countries.

A country announcing that it will not trade with another country; often result of politics.

Amount of goods and services produced divided by the total population.

Goods brought into the country from another through trade or sale.

Society's economic decisions are made by individuals who decide what to produce and buy.

An economic system based on private ownership of resources/individuals make decisions.

The study of how people, businesses, and societies choose to use resources to satisfy wants.