Economics Vocabulary

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

Economic decisions are based on custom and habit of how such decisions were made in the past.

Society’s economic decisions are made by individuals who decide what to produce.

The factories,machines, and technology that people use to make products to sell.

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

The Organization of Petroleum Exporting Countries founded to set oil prices and policies. 

Anything that slows down or prevents one country from exchanging goods with another.

A line to show the degree to which a country falls closer to pure command or pure market.

A country’s form of money.

Creative, original thinkers who are willing to take risks to create new businesses and products

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

The value of one currency for the purpose of conversion to another.

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

Both parties (or countries)in the transaction will be able to gain something from the exchange.

Mountains, desert and oceans make trade difficult because they are hard to cross.

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

A country announces that it will no longer trade with another country in order to isolate it.

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

An economy in which a government planning group makes most of the basic economic decisions.