Economic Vocabulary Words 1 - …



Economic Vocabulary 2015

1. Economics- the study of how people meet their wants and needs

2. Supply – how much of a good is available

3. Demand – how much of a good people want

4. Producers- people or businesses that make and sell products

5. Consumers- people or businesses that buy or consume products

6. Standard of living: the basic economic level of people in a country

7. Gross Domestic Product (GDP)- the total value of all the goods and services produced in a country in one year

8. Exports- goods and services a country produces and sells to other countries

9. Imports- goods and services brought in from other countries

10. Tariff- a tax on imports

11. Command economy- an economy where the central government makes all of the economic decisions

12. Traditional economy- an economy in which people make economic decisions based on their customs and habits

13. Market economy- an economy in which individual consumers and producers make economic decisions (also called capitalism or free market)

14. Mixed economy- an economy that combines elements of traditional, market, and command economic systems

Economic Vocabulary 2015

1. Economics- the study of how people meet their wants and needs

2. Supply – how much of a good is available

3. Demand – how much of a good people want

4. Producers- people or businesses that make and sell products

5. Consumers- people or businesses that buy or consume products

6. Standard of living: the basic economic level of people in a country

7. Gross Domestic Product (GDP)- the total value of all the goods and services produced in a country in one year

8. Exports- goods and services a country produces and sells to other countries

9. Imports- goods and services brought in from other countries

10. Tariff- a tax on imports

11. Command economy- an economy where the central government makes all of the economic decisions

12. Traditional economy- an economy in which people make economic decisions based on their customs and habits

13. Market economy- an economy in which individual consumers and producers make economic decisions (also called capitalism or free market)

14. Mixed economy- an economy that combines elements of traditional, market, and command economic systems

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