T
Goods such as factories, machines, and tools that workers use to make other goods.
CAPITAL RESOURCES (Goods)
It is the measure of the work done by people.
LABOR
Economic system based on custom.
Traditional Economy.
This African nation is a major world supplier of gold, diamonds, and platinum.
South Africa
The percentage of people who are able to read and write as compared to those who cannot.
Literacy Rate
This is a tax on imported goods and is usually designed to protect the domestic production of similar goods.
Tariff
What is used to determine the price of one country's currency in relation to another country's currency?
Exchange Rate.
People have the least economic control because the government makes the economic decisions.
Command Economy
The paper money and coins that make up the money supply of a nation
Currency
People who have these qualities risk their time, money, and energy to make a profit. These are business owners.
Entrepreneur
The total value of all the goods and services produced within a country in a given year.
Gross Domestic Product. (GDP)
This trade barrier puts a limit on the amount that can legally be imported.
Quota.
An economic system where the production of goods and services is controlled solely by the concept of supply and demand.
Market Economy
This Middle East country's government controls most oil industry and the oil industry is the majority of the economy. This means that this country's economy although Mixed is mostly Command.
Saudi Arabia
The exchange of goods and services between countries.
International Trade
What kind of Literacy Rate will a country with a high GDP Per Capita likely have?
A high one.
A Country with a High Gross Domestic Product (GDP) will likely have a High Literacy Rate.
Any person can choose to be it.
"Profit motive" is the primary goal.
They risk losing money when starting a business.
Entrepreneur.
This is a restriction to regulate international commerce.
Trade Barrier
When people, businesses, or countries produce specific goods or services in order to produce more.
It encourages trade.
Specialization
In this African country's MIXED ECONOMY (More Market), people make most of the economic decisions. However, the national government institutes tariffs on imported goods, have a significant share in the oil industry, and regulate much of the country's industry.
NIGERIA
This is an economic exchange in which all sides agree to participate because they expect to benefit.
Benefit buyer and seller, and related to specialization.
Voluntary exchange/trade
What is the best thing for a country to invest, in order to improve its Economic Development?
Invest in Education.
What indicator will be best in helping to determine the standard of living of a country?
per Capita GDP.
Asian country where the government still has great influence in the economy but most of the economy is based on private economic forces. Over the last 20 years, it has become one of the fastest-growing economies in the world.
China
OPEC countries refusing to allow the U.S. to buy oil from them is an example of...
Embargo