Economic Vocabulary



Economic Vocabulary Review Worksheet

Write the vocabulary word that matches each definition below.

1. market economy- system where decisions concerning the three basic economic questions are guided by changes in prices that occur between individual buyers and sellers in the marketplace. . . also called free enterprise, capitalism, and laissez-faire

2. _______________________ all modern economies are of this type and they have characteristics of both command and market economic systems

3. _______________________the currency of most members of the EU

4. _______________________an area where there are no trade barriers among participating countries .

5. _______________________the limited supply of something

6. _______________________how a country or society determines how to use its limited resources to answer the three basic economic questions . . . 1) What goods and services will be produced?, 2) how will goods and services be produced?, and 3) Who will consume the goods and services?

7. _______________________system where customs and habits of the past are used to answer the three basic economic questions

8. _______________________system where centralized government planning groups make the decisions to answer the three basic economic questions

9. _______________________rules used to try to limit trade with other countries

10. _______________________a tax on imports

11. _______________________a limit to the number of imports that may enter a country

12. _______________________workers of a business or country including their education, training, skills, and health

13. ______________________the percentage of a country’s people who can read or write

14. _______________________the factories, machines, technologies, buildings, and property needed by businesses to operate

15. _______________________a group of 27 European countries united to bring more advantages to members that might not be available to the smaller nations

16. _______________________the combined value of the goods and services produced in a country each year

17. _______________________the money people use to make trade easier

18. _______________________a government order stopping trade with another country

19. _______________________economic level of living . . . level of comfort enjoyed by people

20. _______________________the person who takes a risk and provides the money to start and own a business

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