Economics Key Terms

More of something than is needed

• Surplus

• Resources

• Barter

• Exports

To give out in shares, to scatter or spread

• Export

• Barter

• Distribute

• Resources

The type of arrangement in which each worker specializes in a particular task or job

• Specialization

• Engineering

• Imports

• Division of labor

Materials found in the Earth that people need and value

• Needs

• Wants

• Resources

• Acquire

Exchange goods without involving money

• Barter

• Exports

• Imports

• Trade Routes

Goods sold to other countries

• Imports

• Trade Routes

• Exports

• Resources

An economic system in which government makes all the economic decisions

• Traditional Economy

• Command Economy

• Mixed Economy

• Microeconomics

The branch of science concerned with design and building

• Macroeconomics

• Command Economy

• Engineering

• Architecture

Goods brought in from other regions

• Import

• Export

• Trade Routes

• Acquire

Paths followed by traders

• Silk Road

• Trade Routes

• Resources

• Agrarianism