Econ Terminology

4. An economic system where businesses are privately owned and operated for profit
6. When countries rely on each other for goods, services, or resources
9. When a country takes control of another area to gain power or resources
12. A territory settled and ruled by people from another country
13. Taxes placed on imported goods (used to incentivize buying from local vendors over foreign)
14. The process of building factories and increasing machine production in a country.

1. When people, businesses, or countries focus on producing one good or service, they are good at making
2. A crop grown mainly to sell for profit rather than to eat locally
3. Trading goods or services directly without using money
5. Anything people accept has value and can be used as payment for goods and services.
7. A raw material or basic product that can be bought and sold (oil, wheat, coffee, etc.)
8. A good or a service brought into a country from another country
10. A good or service sold to another country
11. When powerful countries control or influence weaker countries indirectly (usually through economic, political, or cultural pressure) instead of ruling them directly as colonies.