Economics Vocabulary

Front

An economic system that is based on culture, tradition and rituals.

Back

traditional economy

Front

Total value of goods and services produced in a country in a year

Back

GDP

Front

the state of being in short supply

Back

scarcity

Front

The percentage of a country's population over the age of 15 that can read or write

Back

literacy rate

Front

A person who comes up with a product or service, or a better way to produce one.

Back

entrepreneur

Front

An economic system that relies on the government to make all economic decisions

Back

command economy

Front

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

Back

specialization

Front

People who perform labor. Invest in it with education and job training.

Back

human capital

Front

A production of the Earth (gift of nature) that people use to meet their needs.

Back

Natural Resource

Front

A complete ban on trade.

Back

embargo