Economic Vocabulary

A Tax on Imported Goods

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

Economy is Owned Entirely by Private Businesses; No Government Interference

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

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

Natural Resources, Human Capital, Capital Goods, Entrepreneurship

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

Economic System That Is Based on Traditions and Customs

Something You Must Have to Survive; Water, Food Shelter

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

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

How Much Consumers Want a Product or Service

Complete Restriction on Certain Imported and Exported Goods or Services

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

Factories Where Objects Are Made

Unlimited Demand + Limited Resources

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

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

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

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

The Use of Goods or Services

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

Government has 100% Control of all Economic Decisions Made

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

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

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

Land Suited for Agriculture/Farming/Growing Crops

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

Tariffs, Quotas, Embargoes.....

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

Someone who uses a Good or Service

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

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

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

The Amount of a Good or Service That Is Available

Everyone Depends on Each Other