Economics Vocab

An economic system based on traditions, routines, and beliefs

• Market

• Command

• Traditional

• Mixed

The government decides what goods and services are produced

• Market

• Command

• Traditional

• Mixed

A system that is managed by the people; based on supply and demand

• Market

• Command

• Traditional

• Mixed

Economic system that has characteristics of a traditional economy, market economy, and command economy

• Market

• Command

• Traditional

• Mixed

the value of people’s work

• human capital

• capital

• entrepreneurship

• specialization

tools, equipment, buildings and vehicles used in production

• human capital

• capital

• entrepreneurship

• specialization

people who use their money and talents to start a business

• human capital

• capital

• entrepreneurs

• specialization

when a nation or individual concentrates its productive efforts on producing a limited variety of goods

• human capital

• capital

• entrepreneurs

• specialization

any restrictions that make trade difficult or impossible

• capital

• Gross Domestic Product (GDP)

• specialization

• trade barriers

a tax on imported goods

• embargo

• tariff

• quota

• exchange rate