1-5
The per person measure of a country's wealth and economic strength.
What is per capita GDP?
An item which is produced, bought, or sold.
What is a product?
Goods sold from the USA to other countries.
What are exports?
Talents and skills that people have that allow them to provide services and produce goods.
What are human resources?
Any law or practice that a government uses to limit free trade between countries.
What are trade barriers?
Machines, tools, and equipment used to make other products or services.
What are capital resources?
The method a society used to answer the Three Basic Economic Questions.
What is an economic system?
The amount of goods and services that producers make.
What is supply?
A task or job that a person or business performs for other people.
What are services?
A person or business that uses goods and services.
What is a consumer?
3.Gifts of nature, not manmade resources, such as water, plants, soil, or minerals.
What are natural resources?
Goods from other countries brought to the USA to be sold or consumed.
What are imports?
The difference between the producers cost and the selling price.
What is profit?
How people produce, distribute, and consume goods and services
What is economics?
When nations depend on trade with one another for goods and services.
What is interdependent?
The amount of goods and services that consumers are willing to buy.
What is demand?
Restrictions placed on imports or exports of certain goods from other countries.
What is an embargo?
Unlimited wants of people with only limited resources to fulfill those wants or desires.
What is scaricity?
Any product that people make and use.
What is a good?
The ability to put resources into making goods or services brought into a country on imports, making imported goods more expensive.
What is specialization?
A person or business that supplies goods and services to make a profit.
What is a producer?
An economic system where the government controls production and distribution of goods and services.
What is a command economy?
The willingness of people to invest money on the development of a new product or idea.
What is an entrepreneurship?
An economic system where producers and consumers drive the economy by determining what is produced and consumed with little government intervention.
What is a free market economy?
An economic system that uses customs to determine its operation.
What is a traditional economy?