Economics Terms (Africa, SWA, and SEA)

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Capital goods

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The factories, machines, technology, tools, equipment, and any other man-made goods used to make other goods or services.

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Embargo

Back

A ban on trade with a specific nation or group of nations.

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Entrepreneurship

Back

The activity of creating a new business.

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Export

Back

To sell goods or services to another country.

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Human capital

Back

The talents, skills, and labor of people that can be used to produce goods and services.

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Import

Back

To buy goods or services from another country.

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Natural resources

Back

Naturally-made items, such as trees, minerals, or fresh water, that people can use to help meet a need or want.

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Specialization

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To become an expert in a particular subject, skill, or trade; to produce a limited variety of goods and services.

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Tariff

Back

A tax that is placed on goods brought into one country from another.

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Quota

Back

A limit on the quantity of a good that can be imported.