The ingredients or elements needed for production to occur

Things people make, such as machines and equipment, to produce goods and services

The government strongly controls what is produced and how it is produced.

When businesses battle each other to sell products, they create competitive prices that benefit consumers.

The type of money (coins and bills) a country uses.

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See image

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Most people are well educated, have good health, earn decent salaries, and have advanced technology.

Most people have a low degree of education, few jobs in industry, poor services, and low life expectancy.

The study of resources and how people use, manage, and sell those goods and services.

A total restriction on trade with another country.

People who bring natural, labor, and capital resources together to produce a good or service. (The risk takers.)

Goods traded and sent out to other countries.

The spreading of an idea, product or technology around the world.

Any object that you buy to satisfy a want or desire.

A standard by which economists measure a nation's economic performance.

Goods traded and brought into a country from another country.

A country's economic decisions are based on supply and demand and there is very little government control.

Most countries today fall somewhere in between pure market and pure command economies. (In the middle)

Gifts of nature, like forests, soil, water, that are used to produce goods and services.

The value of a good that is given up when something else is purchased.

People who use goods and services and how help decide what will be produced.

The skills of people used to produce goods and services.

The making of goods and services.

The money that is left over after all expenses for production have been paid.

A limit or restriction on the amount of a good that one country can send to another.

Any money that comes into a business before the production costs (bills) are paid.

The conflict between people's unlimited wants and their limited resources.

An action that meets a want/desire. Ex.: babysitting, mowing a lawn.

A duty(tax) or fee that must be paid on imported and exported goods, making them more expensive.

This system is found in agricultural societies where culture and traditions determine all decisions.