Terms in this set (30)
What is the economic system in which the means of production is owned by private individuals?
a government policy that restricts international trade is called a _____________(blank)
When government prohibits trade with another country
Buying new machinery and building new factories are examples of investment in ____________(blank)
What is Nigeria's major resource and export?
the study of using limited resources to satisfy unlimited needs and wants
What economic system bases their decisions on age-old customs?
The African country that has the highest per capita GDP. Also specializes in the production of gold and diamonds. A Mixed economy closer to market.
What kind of economic system allows government planners to make most economic decisions?
the risk taker who starts a business in a market economy
Most economies in the world today are a combination of command and market. That makes them a _________(blank) economy.
separating tasks within a system; producing those goods a country can make most efficiently so that they can trade for goods that cannot be made locally
a tax imposed on a good going into a country
a tax imposed on a good being sent out of a country
a government policy that limits the importation of certain goods
When a country or company invests in educating or training people, this is an investment in _________(blank).
What system allows us to buy products made in foreign countries?
What do we call a plan for saving and spending?
the ability to borrow money
money earned by working or investing
An economy with private ownership but with government regulations or interventions
an economy where most economic decisions are made by individuals (business owners, consumers, and the market) supply and demand.
when a country has many different industries that contribute to its economy
A policy of separation of the races used in South Africa. Many countries placed an embargo on South Africa to protest this policy.
Diamonds used to fund conflict and civil war.
Gross Domestic Product (GDP)
All the goods and services produced in a country in one year.
All the goods and services produced in a country in one year divided by the total population (per person)
trade between two parties where both parties see gain from the transaction.
Four Factors of Production
Land (natural resources), Labor, Capital (human capital and capital goods), and Entrepreneurship
Organization of Petroleum Exporting Countries (OPEC)
Uses quotas to manipulate the supply of oil and stabilized the price (demand). Nigeria is a member.