The study of how people manage their resources by buying, exchanging, or using goods and services.

These types of resources are considered: raw materials used to make products or “gifts of nature”

the machines, tools, factories, land, and technology that are needed to make other products

People providing services and doing jobs that others benefit from.

when a country focuses resources on creating fewer specific products and services than they consume

money

the rate at which one unit of the currency of a country can be traded for a unit of the currency of another country

voluntary exchange of products and services

governmental policies that restrict, the entry of products into a country

tax on imports

limiting the amount of products that can come into a country

cutting off trade to a certain country because of political reasons

a product brought into a country through trade or sale

a product leaving a country through trade or sale

the amount of products and services produced in one country in one year

bringing together natural, capital, and human resources and take risks to develop businesses

economic system in which social roles and culture decide what will be produced, how it will be produced and how it will be distributed

economic system in which the government decides what will be produced, how it will be produced and how it will be distributed

economic system in which the people decides what will be produced, how it will be produced and how it will be distributed

economic system in which the government and people share the role in deciding what will be produced, how it will be produced and how it will be distributed