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wallace

QuestionAnswer
Man-made resources used to produce other goods and services; for examples, machines, factories , tools. Capital
An economic principle referring to a consumer's desire and willingness to pay a price for a specific good or service. Demand
When one nation prohibits trade with another, often for political reasons Embargo
The willingness to assume the risks of organizing and coordinating resources to produce goods and services. Entrepreneurship
The market price where the quantity of goods supplied is equal to the quantity of goods demanded. Equilibrium Price
Goods shipped out of one count for trade or sale with another. Exports
Total market value of the goods and services produced by a nation in a given time period. Gross Domestic Product
The number of deaths of babies in a given population Infant Mortality
The condition where countries become dependant on one another because of specialization and trade. Interdependence
All human effort including the knowledge and skills used in the production of goods and service Labor
Gifts of nature: natural resources used to produce goods and services, for example, land, minerals, and trees. Land
The number of years a person is expected to live. Life Expectancy
The percentage of citizens in a country who can read and write. Literacy Rate
The average amount of income for every person in a country; the total amount of everyone's income divided by the population. Per Capita Income
A limit on the amount of goods that can be imported Quota
Things of value and efforts used to produce goods and services: land, labor capital, and entrepreneurship Resources
The basic economic problem that arises because people have unlimited wants but resources are limited. Scarcity
When production is concentrated on producing only those goods and services that can most efficiently be produced given existing resources Specialization
Payments made to domestic businesses to help them compete with foreign businesses. Subsidy
An exchange of goods or services. Trade
Limits or restrictions on foreign trade. Trade Barriers
Popular French sets

 

 



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