Economy in which people make economic decisions based on their customs and habits

Is a tax on imports or exports (example of a trade barrier)

Is the exchange of goods and services in a market

Is the study of how people meet their wants and needs

Economy in which the central government makes all basic economic decisions ex. North Korea and Cuba

The act of concentrating on a limited number of goods or activities

Countries with less-productive economies and lower standard of living ex. Haiti or Ethiopia

Is the money a company has left after subtracting the costs of doing business

Which is the struggle among producers for consumers' money

Is the price paid for borrowing money (incentive to save money)

Is the desire for a certain good or service

The amount of goods and services produced given the amount of resources used

Are goods and services produced within a country and sold outside the country's borders

Economy in which individual consumers and producers make all the economic decisions ex. USA and Japan

Are goods and services sold in a country that are produced in other countries

Are people or businesses that buy, or consume, products

Is a factor that encourages people to act in a certain way

Is the money earned by selling goods and services

Is the amount of a good or service that is available for use

A decline in economic growth for six or more months in a row

Is the act of setting aside money for future use

Is an organized way for producers and consumers to trade goods and services

Is a government policy or restriction that limits international trade

Having a limited quantity of resources to meet unlimited wants

Cost of what you have to give up when making a choice

Is a country with a strong economy and high standard of living ex. USA and Japan

Is an arrangement in which a buyer can borrow to purchase something and pay for it over time (ex. credit card)

Is a share of ownership in a company

Is a plan that shows income and expenses over a period of time

Are people or businesses that make and sell products

Economy that combines elements of traditional, market, and command economic systems ex. European countries

The removal of trade barriers (lower prices and more choices)

General increase in prices

Is the act of using money in the hope of making a future profit