Economics Vocabulary

A system in which private business makes all the decisions

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

Government Makes all the economic decisions

• Market

• Mixed

• Market

• Command

A system that is a blend between Market and Command

• Market

• Command

• Mixed

• Traditional

An Economic System in which things were done in the past such as Bartering

• command

• Traditional

• Market

• Mixed

The ability ot read and write

• Human Capital

• Literacy Rate

• Capital Goods

• Opec

Skills and education workers have

• Human Capital

• Capitol Goods

• Literacy Rates

• Opec

The factories and machines used to make goods

• Literacy rates

• Human Capitol

• Capital Goods

• GDP

Tax on imported goods

• Tariff

• quota

• command

• embargo

A limit on imported goods

• Quota

• Embargo

• Tariff

• Command

Ban on imported Goods

• Quota

• Embargo

• Tariff

• Command