Economics Vocabulary

The value of all the goods and service produced in a country in one year

• Exchange Rate

• Human Capital

• Entrepreneurs

• GDP (Gross Domestic Product)

How much a person has

• Literacy Rate

• Supply

• Opportunity Cost

• Currency

Items that people need to perform their jobs (factories, machinery, technology), invest in it by updating machinery and new computers

• Capital Goods

• Natural Resources

• Specialization

• Standard of Living

People with new ideas that are willing to take risks to start a business or make a product

• GDP (Gross Domestic Product)

• Literacy Rate

• Entrepreneurs

• Opportunity Cost

People who perform labor, invest by training and education

• Exchange Rate

• Capital Goods

• Human Capital

• Supply

Special in what they do best

• Demand

• Specialization

• Opportunity Cost

• Currency

What or how much a person wants (Demands)

• Standard of Living

• Demand

• Natural Resources

• Entrepreneurs

Resources that come from nature (timber, minerals, etc)

• Natural Resources

• Literacy Rate

• Specialization

• Supply

Money (Examples: Canadian dollar, Brazilian real, European Union Euros, Mexican pesos)

• Exchange Rate

• Currency

• Supply

• Demand

How well citizens live based on good public services, education, health care, good jobs

• Standard of Living

• Opportunity Cost

• Currency

• Entrepreneurs