Economics Vocabulary

The way in which a nation uses its resources to satisfy people’s needs and wants.

• Economics System
• Scarcity
• Traditional System
• Market System

The economic problem of having unlimited human wants in a world of limited resources.

• Economy
• Scarcity
• Human Capital
• Entrepreneur

An economic system is which social roles and culture determine how goods are made, sold, and bought.

• Traditional Economy
• Market Economy
• Mixed Economy
• Command Economy

An economic system based on individual choices and voluntary trade.

• Traditional Economy
• Market Economy
• Mixed Economy
• Command Economy

An economic system is which the government owns some or all of the factors of production.

• Traditional Economy
• Market Economy
• Mixed Economy
• Command Economy

An economy that has features of more than one of the economic systems.   

• Traditional Economy
• Market Economy
• Mixed Economy
• Command Economy

Any law or practice that a government uses to limit free trade between countries

• Free trade
• Taxation
• Trade barrier
• Open borders

A type of trade barrier in which a government places restrictions on the import or export of certain goods.  Often are backed by military force.

• Quota
• Embargo
• Tariff
• Exchange rate

A limit on the amount of a product that may be imported during a given period of time

• Quota
• Embargo
• Tariff
• Exchange rate

A fee charged for goods or services brought into a state or country from another state or country

• Quota
• Embargo
• Tariff
• Exchange rate