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| Customs and traditions determine what and how to produce. |
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| An economy that is planned and controll by a central administration, as in the former Soviet Union |
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| An economy that operates by voluntery exchange in a free market and is not planned or controlled by a central authority; a capitalistic economy |
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| An economic system that allows for the simultanerus operation of public and privately owned enterprises |
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| The need or want for more supply |
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| The product of what the people demand for |
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| Tax added to the value of goods that are imported |
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| Number limit on how many items of a particular product can be imprted from a particular contry |
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| Order that restricts or prohbits trade with another country |
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| A person who organizes, operates, and assumes the risk for a business venture |
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| The knowledge and skiills which and employee acquires on the job, through traning and experience so as to increase the employee's value in the Market economy |
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| Any goods, such as machinery, used by and organization to produce other goods |
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| The total market value of all the goods and services produced within the borders of a nation during a specified period |
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