Economic 202 and 303 Terms

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One who risks his or her own money, time, ideas, and energy to start and run a business

Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain

Factories, machines, technologies, buildings, and property needed for a business to operate

Money used in a particular country to buy goods and services

A government order stopping trade with another country to put pressure on the government of that country

The total value of all the goods and services produced in a country in one year

A limit placed on the number of imports that may enter a country

The division of labor; work is divided into parts for workers, factories, or countries to become experts at producing certain goods