Economic Vocabulary Review Set
Terms in this set (16)
An economic system based on customs and traditions.
An economic system that combines some aspects of a market system and some aspects of a command system.
An economic system controlled by the people acting as buyers and sellers.
An economic system run by a country's government.
A person who takes a risk to start a new business.
A worker's knowledge and skills.
The factories, machines, tools, and technology that people use to make goods & services.
Gross Domestic Product (GDP)
The total value of all goods and services produced in one country in one year.
Per Capita GDP
The average yearly income of one person in a country.
When a country produces only those goods and services it can produce most efficiently (good quality, inexpensive & fast).
A willing exchange between a buyer and a seller. Both benefit.
A tax placed on imported goods (brought into one country from another).
A limit on imports.
A stop to trade (for political reasons).
Standard of Living
The overall quality of life experienced by the citizens of a particular country.
The percentage of citizens ages 15 and older in a country who can read and write.