The government controls what to make, how many to make, how to make it, and sets the price. Decisions are made by government planners.

A combination of government control (to protect consumers) and individual control (to increase money). Most economies in the world are this type of system.

The individual decides what to make, how many to make, how to make it, and sets the price.

Based on customs from the past, this economic system involves trading goods for services.

Another word for money

System to change from one type of currency to another. Important for trade between countries.

Total value of all the goods and services a country produces in a year.

Raw materials such as land, water, forests, soil, minerals, oil, and natural gas.

An individual willing to take a risk in order to create a new product or service.

An indicator of the quality of life in a country. It includes life expectancy, GDP, literacy rate, etc…

Producing the goods or services that a country makes best so they can sell them to get money for what they need.

Anything that slows down or stops one country from trading with another.

A tax placed on goods from another country.

A specific amount or limit of goods that can be imported.

When one country stops trading with another country.

Investing in training, education, and job training for the workforce.

Investing in things such as factories, equipment, computer systems, vehicles, and technology

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