Economics-Module 5

5. based on private ownership, free trade and competition, government has little control of economy.
8. a system of producing, selling, and buying goods and services.
9. any law that restricts trade between nations.
10. money a person or business has left after paying it's expenses.
13. anything that people accept as payment for goods and services.
15. (GDP) this represents the value of all goods and services produced within a country by anyone in a given year.
16. business that provide a service instead of a good. Like teachers, paramedics, and doctors.
17. a percentage of the total amount of money in a persons bank account or a loan.
18. not enough of a particular resource to meet everyone's demand.
19. a dying tradition that is based on survival and group-based needs. Similar to hunter-gatherer society.

1. the government controls the economy by deciding what is produced, how it is distributed and who to trade with.
2. the trading of goods or services for different goods or services.
3. process where countries are becoming more connected through culture and trade.
4. goods and services that the public consumes, government provided with taxes they collect.
6. secondary industries or services that focus on the manufacturing of goods.
7. these factors are needed to produce goods and services; natural resources, capital, labor, and entrepreneurs.
11. primary services that focus on growing crops and raising livestocks.
12. the use of money today in a way that earns future benefits.
14. removes barriers between nations to open up trade.
17. the exchange of labor for payment, can be hourly wages or yearly salaries.