Economic Vocabulary Words 1 - …



Economic Vocabulary 2019

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

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

8. Natural Resources- are those things found in and on the earth, such as water, oil, and sunlight

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

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

11. Tariff- a tax on imports

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

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

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

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

16. quotas – a limit to the number of imports that may enter a country

17. embargo – a government order stopping trade with another country

18. human capital – workers of a business or country including their education, training, skills, and health

19. physical capital – the factories, machines, technologies, buildings, and property needed by businesses to operate

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

21. trade barriers – rules used to try to limit trade with other countries

22. Exchange rate- the price of one nation’s currency in terms of another nation’s currency

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