Unit 4 Economic Terms

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This one of the measures of national income and output for a given country's economy and is defined as the total market value of all final goods and services produced within the country in a calendar year.

A nation's workforce; the education and skills of its people is called;

What are land, labor, capital, and entrepreneurship

This is equipment and factories used in the production of goods and services.

These are use materials that are found on or in the earth and are used in the production of goods and services.

This is the name for a category of trade barriers that a country may impose on another country or countries.

This is a type of protectionist trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time.

This is financial assistance from the government to encourage the production of or the purchase of a good.