Vocab
Goods bought from another country
Import
What type of economy is this?
Companies decide what to make and how much to sell if for based on demand. Also known as a capitalist society.
Market
These are useful things that come directly from nature.
Natural Resource
Trade
What it is called when an individual is allowed to become an expert in their own/part work
Specialization
Goods sold to another county
Exports
What type of economy is this?
Based on tradition or customs. It may rely on hunting, fishing, or trade.
Traditional
These are the people who produce a good or service.
Human Resource
Who benefits from trade?
Everyone involved
When someone is specialized in something, it makes things run more...
smoothly/efficiently
Government policies that place restrictions on trade making trade either more difficult or expensive
Trade Barriers
What type of economy is this?
Gov't regulates certain things but doesn't control everything.
Mixed
What type of resource is this?
A pilot
Human Resource
People trade because
No country has everything they need to want
A ban of exports and imports on a specific country
Embargo
Existing in one's own country or homeland
Domestic
What type of economy is this?
Gov't decided what companies should make and what it should cost. This is a socialist or communist society.
Command
These are the goods that help produce other goods or services.
Capital Resources
A tax placed on goods when they are imported into on country from another.
Tariffs
GDP stands for
Gross Domestic Product
The money that comes from all the goods and services in a country
Gross Domestic Product (GDP)
What is the study of money and how we use it called?
Economics
What type of resource is this?
A hammer
Capital Resource
Limiting the amount of foreign goods imported into a country
Quota
All the money that comes from the goods and services from a country during a specific time period is called
GDP/Gross Domestic Product