Economics Vocab

Front

Economic system based on traditions and beliefs

Back

Traditional

Front

Government determines production of goods/services

Back

Command

Front

A system managed by the people, based on supply and demand.

Back

Market

Front

Economic system with traits of traditional, market, and command economies.

Back

Mixed

Front

Value of people's work

Back

human capital

Front

Tools, equipment, buildings, and vehicles used in production

Back

Capital

Front

People using money and talents to start a business

Back

Entrepreneurs

Front

Nation or individual focuses on a limited range of goods.

Back

specialization

Front

Restrictions making trade difficult or impossible

Back

trade barriers

Front

Tax on imports

Back

tariff