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Economics Vocab

An economy that blends characteristics of both command and market economies, but falls closer to one form or the other.
A government order stopping trade with another country to put pressure on the other government of that country.
Goods which include factories, machine, technology, and property needed for a business to operate.
Ways of limiting trade by tariffs, quotas, and embargoes
An economy in which customs and habits from the past decide what and how goods and services are produced, distributed and consumed.
A centralized market economy.
The total value of all the final goods and services produced in a country in one year.
The percentages of a county's people who cannot read or write.
In a centralized market economy, being told what and how much to produce;(2) a limit placed on the number of importance that may enter a country.
Exchange (goods or services) for other goods or services without using money.
An economy in which goods and services will be produced, distributed, and consumed.
Workers of a business or country including education, training, skills, and health.
An area where there are no tariffs among participating countries.
Money used in a particular country to provide goods and services.
The division of labor; work is divided into parts for workers, factories, or countries to become expert at producing goods.
Measures the amount of GDP that is allowed on average for each person. This is a better predictor of wealth for each person than GDP.
Determines price of goods available, how many consumers want the goods, and what they are willing to pay.
Economics level for the people in the country.
Is the best alternative given up. It's the most valuable alternative that you don't that you don't choose when making a decision.
A tax on imports.
A fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker.