| A | B |
|---|
| capital goods | _____________________________ include factories and machines. |
| capitalism | The market system that is based on private ownership and individual decisions is also called ______________________________. |
| command | The government controls the economic system in a __________________________ economy. |
| Communism | _______________________________ is a type of command economy with one-party rule and ownership of resources and decision making power. |
| economic system | The way a nation uses its resources to meet the needs and wants of its people is an _________________________________________. |
| embargo | An _____________________________ is a type of trade barrier that is backed by military force. |
| entrepreneur | An ______________________________ is a person who produces goods and services. |
| factors of production | ____________________________________ are ?real resources? needed to produce goods. |
| free enterprise | A _________________________ system allows for competition between business owners without government control. |
| free trade | The exchange of goods without tariffs or quotas is ______________________________. |
| human capital | _________________________________ is the knowledge and skills that workers bring to their job. |
| labor | ______________________ is the time, effort and talent that go into production. |
| market | A _____________________ economy is based on individual choice and voluntary trade. |
| mixed | A ___________________ economy is influenced by traditional, command and market economic systems. |
| natural resources | ________________________________ are the raw materials used to make goods. |
| quota | A ___________________________ is a limit on how much of a product may be imported or produced. |
| tariff | A ______________________ is charged on goods or services brought in from another country. |
| trade barrier | A ______________________________ limits free trade between countries. |
| traditional | An economic system that is based on customs and cultural history is _______________________. |
| land | _______ includes all natural resources found on or in the ground. |
| socialism | _____________ is similar to communism and the government owns some/all of the factors of production. |
