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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