1
What is the study of how people meet their wants and needs?
Economics
The ability and willingness to produce a good or service
Supply
"The work that people do"
Labor
"The cost of what you have to give up"
Opportunity Cost
"the desire for a certain good or service"
Demand
Which of the following is NOT one of the 4 types of economic systems?
Demand Economy
Which economic system is also known as capitalism?
Market Economy
The exchange of goods and services
Trade
What are the 3 main factors of production?
Labor, Capital, Land
What is when all of the buying and selling takes place WITHIN a country
Domestic Trade
Type of trade involves imports and exports
International Trade
Goods and services produced within a country and sold outside its borders
Exports
goods and services sold in one country but produced in another
Imports
A government policy or restriction that limits international trade
Trade Barrier
What are the 3 trade barriers?
Quota, Tariff, Embargo
The removal of trade barriers
Free Trade
Which trade barrier is a tax on imports and exports?
Tariff
Which trade barrier is a ban on all trade with a country?
Embargo
Which trade barrier is a set limit on the number of of units of a good that can be imported?
Quota
Economy where people make economic decisions based on their groups customs and values
Traditional Economy
Economy where individual producers and consumers make economic decisions
Market Economy
Economy where the central government makes all the decisions
Command Economy
Economy has various degrees of government control
Mixed Economy
What is known as people or businesses that make and sell goods or services?
Producer
What is known as people or businesses that buy, or consume, goods or services?
Consumers