Economics Vocabulary

In this economic system, decisions are made by private citizens with no government regulation

• Command

• Market

• Traditional

• Mixed

Someone who is willing to take a risk to begin a new business

• Entrepreneur

• Human Capitol

• Trade Barriers

• Capital Goods

Factories, machinery, and technology available in a country

• Specialization

• GDP (Gross Domestic Product)

• Natural Resources

• Capital Goods

Producing those goods a country can make most easily so they can trade them for goods made by others that cannot be produced locally

• Tariff

• Specialization

• Literacy Rate

• Mixed Economy

A ban on trading with a particular country for economic or political reasons

• Tariff

• Quota

• Embargo

• Specialization

A limit on the amount of imported goods

• Tariff

• Quota

• Embargo

• Specialization

The ability of the people over the age of 15 to read and write

• Capital Goods

• Entrepreneur

• Human Capitol

• Literacy Rate

Policies that limit the ability of a country to trade with other countries

• Trade Barriers

• Tariff

• Quota

• Embargo

Gifts from nature

• Traditional Economy

• Natural Resources

• Trade Barriers

• Capital Goods

In this economic system, decisions are based on customs and beliefs of their ancestors

• Command Economy

• Mixed Economy

• Traditional Economy

• Market Economy