Any kind of work performed for others.

The way a society organizes the production, distribution, and consumption of goods & services determines its...

Economic systems are based on customs and beliefs

The government makes all the economic decisions and owns most property.

Economic questions are answered by buyers & sellers. Most property and resources are privately owned.

Most modern economies contain elements of more than one economic system and are referred to as ___________.

Voluntary trade takes place when countries ________.

The value of one country's currency in terms of another country's currency is ...

This occurs when one country can produce a good or service at a lower opportunity cost than another country.

Taxes place on imported goods to protect domestic jobs.

Limits on the amount of a good that can be allowed into a country.

When a country refuses to trade with another country.

How did people conduct business before cash and credit?

Tangible, touchable items that can be bought or sold

Help or work provided by others. These are intangibles.

All businesses related to the same type of good or service.

Any man made object needed to make a good or perform a service.

A person who takes the risks and starts his/her own business in hopes of earning a profit

The amount of a good or service that is available

The desire of consumers to buy a good or service

The price of a good or service determined by its consumer demand and availability

It measures the total value of the final goods and services produced within the borders of a country in one year.

A continual increase in the prices of goods and services.

Sally decides to stay home and study instead of going out with her friends. Sally gives up a chance to have fun with her friends in order to receive the benefit of a good grade. This is an example of: