Middle East Economic Definitions

7. The government determines what goods should be produced, how much should be produced and the price at which the goods are offered for sale.
8. An original economic system in which traditions, customs, and beliefs shape the goods and the services the economy produces, as well a the rules and manner of their distribution.
9. A person who organizes and p a business or businesses, taking on greater than normal financial risks in Oder to do so.

1. Prices for goods and services are set freely by the forces of supply and demand and are allowed to reach their point of equilibrium without intervention by government policy.
2. A method of production where a business, area or economy focuses on the production of a limited scope of products or services to gain greater degrees of products or services to gain greater degrees of productive efficiency within an overall system.
3. Materials or substances that occur in nature and can be used for economic gain.
4. Goods made and used to produce other goods and services.
5. The department of a business or organization that deals with the hiring, administration, and training of personnel.
6. An economic system combining private and public enterprise.
8. Measures that governments or publi authorities introduce to make imported goods or services less competitive than locally produced goods and services.