limited resources; exists all the time; not enough to meet all needs.

What to produce? How to produce? For whom to produce?

a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100)

An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion.

Economic decisions are made by individuals or the open market.

An economic system in which the government controls a country's economy.

An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.

The sum total of the value of all the goods and services produced in a nation

people who own and operate businesses and accept the risk of failure.

country focuses on producing a relatively small number of goods/services based on what can be produced most efficiently

Buildings, machines, technology, and tools needed to produce goods and services.

the skills and knowledge gained by a worker through education and experience

Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain

Land, labor, and capital; the three groups of resources that are used to make all goods and services

The percentage of a country's people who can read and write.

native to a country, not foreign;

A tax on imported goods

an official ban on trade or other commercial activity with a particular country.

A limit placed on the quantities of a product that can be imported

The measure of how much one currency is worth in relation to another.

economic system was used by the Aborigines

Mixed leaning towards market

Individuals make most decisions about production of goods, supply and demand determines prices for goods, Individuals make decisions about distribution of goods, Individuals own property.

Government makes decisions about production, owns property, sets prices, and controls industries.

A measurement of the total goods and services produced within a country each year.

Type of resource Australia's Gross Domestic Product depends on most.

a person and the skills and knowledge he or she brings to a job

The tools, equipment, and buildings that are used to produce goods and services

the process of starting, organizing, managing, and assuming the responsibility for a business

Entrepreneurs support a country's economic growth by providing these for their citizens.

Countries who invest in capital resource will have this impact on their GDP.

when people, businesses, regions, and/or nations concentrate on goods and services that they can produce better than anyone else

Australia is leading exporter of this natural resource

Industry Australia specializes in

China, New Zealand, United States, Japan

Exchange of goods without restrictions

A tax on imported goods

A limit placed on the quantities of a product that can be imported

Reason why countries impose tariffs and quotas

Name of Australia's currency

system that converts from one currency to another so that goods can be bought and sold between countries with different economies