Economics BIG 20 Vocabulary

The approximate value of one nation's currency in terms of another's.

• Exchange Rate

• Currency Exchange

• European Union

• Euro

The factories, machinery, and technology that are necessary to run a service or industry.

• Capital Goods

• Natural Resources

• Human Capital

• Entrepreneur

A trade barrier which places a tax on imported goods.

• Quota

• Tariff

• Embargo

• Trade Barrier

An economic system which is based in culture, tradition, and rituals.

• Market Economy

• Mixed Economy

• Traditional Economy

• Command Economy

Those who risk their own money and resources to create a new business or service.

• Natural Resources

• Capital Goods

• Human Capital

• Entrepreneur

The common currency of most European Union members.

• Currency Exchange

• European Union

• Euro

• Exchange Rate

An economic system which is driven by consumer's buying decision.

• Market Economy

• Traditional Economy

• Mixed Economy

• Command Economy

The knowledge, skills, and health of a nation's labor force. Invest in it with education and job training.

• Capital Goods

• Human Capital

• Gross Domestic Product

• Human Capital

An economic system which relies on the government to make all economic decisions.

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

A trade barrier which blocks all trade with another nation.

• Quota

• Tariff

• Embargo

• Trade Barrier