Definition | Vocabulary Term |
The rare mixture of the qualities needed to create and run new businesses | |
An economic system with a combination of tradition, command, and market economies | |
The total value of the goods and services that a country produces each year | |
Social roles and culture determine how goods and services are produced, what prices and individual incomes are, and which consumers are allowed to buy certain goods | |
A fee imposed by a government on imported or exported goods | |
The government decides how many of which goods are produced and sets the prices | |
Resources such a factories, machinery, and tools that people use to make other goods | |
Treaty between the US, Canada, and Mexico that reduced trade barriers between the three countries | |
A type of trade barrier in which a government places restrictions on the import or export of certain goods. Often backed by military force | |
An economy that allows business owners to complete in the market with little government interference | |
The knowledge and skills that allowed workers to produce goods and services and earn an income | |
A limit on the amount of a product that may be imported during a given period of time | |