Economic Vocabulary Practice

A Community of People living in a particular region and having shared customs, laws, and organizations.

• Human Capital

• Society

• Entrepreneurs

• Market Economy

A system where economic decisions are made by customs and traditions of the past.

• Market Economy

• Traditional Economy

• Mixed Economy

• Command Economy

A system where economic decisions are made by the government.

• Market Economy

• Mixed Economy

• Traditional Economy

• Command Economy

A system where economic decisions are made by individuals.

• Market Economy

• Traditional Economy

• Mixed Economy

• Command Economy

Refusal to purchase a good or service from a specific company or county

• Tariff

• Embargo

• Boycott

• Quota

An economic system that is located on a continuum between pure market and a pure command.

• Market Economy

• Command Economy

• Mixed Economy

• Traditional Economy

Products a country makes best and are in demand on the world market.

• Embargoes

• Capital Goods

• Imports

• Specialization

Any activity which slows or outright blocks the free exchange of goods and services between countries.

• Embargo

• Quota

• Trade Barrier

• Tariff

A tax placed on goods when they are imported.

• Quota

• Tariff

• Embargo

• Trade Barrier

Only allows a specific amount of certain items to be imported during a specified period of time.

• Embargo

• Tariff

• Voluntary Trade

• Quota