Economics Vocabulary

4. Capital ___ are all of the factories, machines, technologies, buildings, and property needed by businesses to operate.
9. ____ capital is the knowledge and skills for people to earn a living producing goods and services.
11. An economic system in which all economic decisions are based on customs, traditions, & beliefs of the past.
12. Materials or substances such as minerals, forests, water, and fertile land that occur in nature.
13. The percentage of population aged 15 years and over who can both read and write.
14. GDP is The total value of all the goods and services produced in that country in one ____.
15. A tax placed on goods when they are imported.

1. When one country places a ban on trade with another country.
2. GDP per _____ is calculated by dividing the GDP of a country by its population.
3. An economic systems in which all decisions are made by the government.
5. Gross ____ Product
6. A limit on trade.
7. An economic system that has characteristics of both command and market economies.
8. Someone who risks their own money and time because they believe their business ideas will make a profit.
10. An economic system in which private citizens get to make decisions; government has no control.