Economics Vocabulary Review

The study of the choices we make between unlimited wants and limited resources.

rivalry among businesses to sell the most goods for the most profits

goods brought into a country

trade barrier in which nations refuse to trade with other nations

trade barrier in which a government charges a fee (tax) to import certain products

trading goods for goods without the use of money

any type of limitation (natural or political) placed on the exchange of goods and services between different countries

description of economies that have some combination of a pure command economy and a pure market economy

goods that are traded to another country

focusing on the goods and services that a person can best provide based on their skills and resources

an economic system in which social roles and culture determine how goods are made, sold, and bought

an economic system based on private ownership where individual buyers and sellers answer the basic economic questions

the money left over after the costs of producing a product are paid

a trade barrier where limits are placed on how much of a product can be imported into a country

economic systems where the government determines how goods are made, sold, and bought