study of how people and societies use limited resources to satisfy unlimited wants; the management of scarcity and choice

Limited quantities of resources to meet unlimited wants

Desires that can be satisfied by consuming a good or service

requirements for survival, such as food, clothing, and shelter

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

Human effort directed toward producing goods and services

a risk- taking individual in search of profits who does something new with existing resources

A collection of businesses with a common line of products or services

The deliberate effort to modify a portion of Earth's surface through the cultivation of crops and the raising of livestock for sustenance or economic gain.

Any activity that fulfills a human want or need and returns money to those who provide it.

financial wealth, especially that used to start or maintain a business

A figure indicating how long, on average, a person may be expected to live

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

Gross domestic product divided by the number of people in the population.

the ability to read and write

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

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

Economic decisions are made by individuals or the open market.

Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference

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

A political system in which the government owns all property and dominates all aspects of life in a country.

Exchange goods without involving money.

Exchange of goods and services

The amount of goods available

Consumer willingness and ability to buy products

Development of a system which supports machine production of goods

How people have lived their lives and continue to live their lives; an inherited, established, or customary pattern of thought, action, or behavior

The exchange of goods

When a country or person focuses on producing one good or service

Something found in nature that makes trade difficult

Something set up by the government to regulate trade

A tax placed on imported goods

If a US company wants to export fruit to a country in the EU, the US company must pay a tax which makes US fruit more expensive.

To make imported goods more expensive

Restrictions on the amount of a good that can be imported into a country.

To prevent too much of a good from entering a country

The European Union limits the amount of steel that can be imported from certain countries.

A trade barrier that stops trade between countries

To hurt a country's economy

The European Union began stopping the sale of certain weapons and other technologies to Iran.

Something that is assigned value and can be used to purchase goods and services in a market.

What the currency of a nation is worth in terms of another country's currency.

The system by which a society meets its wants and needs through the production and distribution of goods and services

The limited supply of something

An economic system in which the customs and habits of the past are used to decide what and how goods will be produced, distributed, and consumed

An economic system in which government planning groups decide what and how goods will be produced, distributed, and consumed

An economic system in which producers and consumers decide what and how goods will be produced, distributed, and consumed

A combination of two or more types of economic systems

Someone who uses goods and services

Someone who creates/sells goods and services