Economics Vocabulary

Front

A system in which private business makes all the decisions

Back

Market Economy

Front

Government Makes all the economic decisions

Back

Command

Front

A system that is a blend between Market and Command

Back

Mixed

Front

An Economic System in which things were done in the past such as Bartering

Back

Traditional

Front

The ability to read and write

Back

Literacy Rate

Front

Skills and education workers have

Back

Human Capital

Front

The factories and machines used to make goods

Back

Capital Goods

Front

Tax on imported goods

Back

Tariff

Front

A limit on imported goods

Back

Quota

Front

Ban on imported Goods

Back

Embargo