Economic Vocabulary Review - 6th

A government limit on the amount of things allowed such as imports, exports, employees, or transactions

• tariff

• embargo

• scarcity

• quota

An economic system with some government regulation, but driven by individual ownership of the factors of production and consumers buying decisions

• Traditional Economy

• Free Market Economy

• Mixed Economy

• Command Economy

The measure of the quality of life in a country

• standard of living

• Capital Goods

• literacy rate

• Gross Domestic Product (GDP)

The amount of goods and services that are available.

• Supply

• Demand

• Consumer

Sally goes to buy a hot chocolate every morning at the local donut shop. What is she?

• Good

• Consumer

• Producer

a shortage or lack of supply

• demand

• scarcity

• consume

• supply

Someone who takes the risk to start and organize a business.

• entrepreneur

• debt

• consumers

• shortage

An item or service that is to be sold to consumers is called a _________.

• profit

• product

• economics

• income

When an individual or a company does one part of a task and relies on others to complete the other parts of the task.

• Specialization
• Free enterprise
• Producer
• Consumer

Any kind of work performed for others.

• Good
• Loss
• Profit
• Service