Market Day Economic Terms

2. Domestic Product(GDP) A country's economic report card. The total value of goods and services in a country within a year.
5. When one country can produce a good or service at a lower opportunity cost than another country. (They are good at it).
8. Economic Questions What will be produced? How will it be produced?Who will you produce it for?
11. Barriers Any law or practice that a government uses to limit, prevent, or stop free trade between nations.
13. A person who is willing to take a risk to start a business.
14. The amount of something that is allowed or admitted.
16. Goods Anything you need to make other goods or make your business work.
17. Capital The humans (people) needed to make your business work.
18. A fee or tax charged for goods or services brought into a country.
20. Economy A mix of traditional, market and command economic systems. Most countries have this kind of economy.
21. Economy An economy in which private citizens are free to develop many types of businesses. It is sometimes called a “Free Market Economy”.

1. Economy An economy in which the government controls all economic issues and citizens are not allowed to own businesses.
3. Business A business owned by the government.
4. per capita When you take a country's GDP and divide it amongst the population (per person).
6. A type of trade barrier in which a government order is issued to stop trade with a foreign nation.
7. Land The amount of land able to be farmed on.
9. Resources Materials or substances that occur in nature and can be used for economic gain ($).
10. Rate The percentage of people who can read or write in a country. This affects the standard of living in a country.
12. Business A business owned by citizens personally.
15. Economy An economy in which people use the same work methods and tools used generation after generation as tradition.
19. Trade Allows countries to sell their goods to other countries without fees or taxes that make the cost of imports higher than the cost of goods produced.