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6th grade SS
Terms in this set (18)
Businesses owned by the government. Examples: schools, police stations.
A business owned by citizens personally.
The percentage of a country's people who can read and write.
A system for producing and distributing goods, and services to fulfill people's wants
An economy where the government owns/controls the country's resources and businesses.
An economy where private citizens or groups of citizens own/control resources and businesses.
Some resources and businesses are public (owned by government) and others are private (owned by citizens)
An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.
Taxes, quotas, and other restrictions on goods entering or leaving a country.
A tax that the government puts on imported or exported goods; Makes trade more expensive
an official ban on trade with a particular country.
a restriction placed on the amount of a product allowed to enter or leave a country
A person who has skills for a job ;A worker or employee
Buildings, machines, technology, and tools needed to produce goods and services.
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Gross Domestic Product (GDP)
A measurement of the total goods and services produced within a country.
A scale that measures the economic freedom of a country.
Something people exchange for goods or services
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