Economics Vocabulary

Economic system based on supply and demand

• Market

• Command

• Traditional

• Mixed

Trade barrier that taxes imported goods

• Tariffs

• Quotas

• Embargo

A ban on trade from a country for political reasons

• Tariffs

• Quota

• Embargo

Education and Job Training

• Natural Resource

• Human Capital

• Capital Goods

• Entrepreneur

True or False: A person who starts a business is a natural resource

• True

• False

A limit on the amount of imported goods from another country

• Tariff

• Quota

• Embargo

When a country produces specific good or service at a lower cost

• Taxes

• Embargo

• Quota

• Specialization

True or false: In a command economy, all decisions are made by the government.

• True

• False

A mix of both command and market economies

• Traditional

• Tariff

• Mixed

• Specialization

Natural Resources, Human Capital, Capital Goods, band Entrepreneurship are all PRODUCTIVE RESOURCES

• TRUE

• false