Economics Vocabulary

Economic decisions are based on traditions.

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

Government makes ALL economic decisions.

• Command economy
• Market economy

• Traditional economy
• Mixed Economy

Economic decisions are made by individuals, based on supply and demand.

• Mixed Economy

• Traditional Economy

• Command Economy

• Market Economy

Economy that’s mixed between a pure market and a pure command economy.

• Command economy
• Market economy
• Mixed economy
• Traditional economy

Factories, machines, and technology that people use to make products to sell.

• Capital Goods

• Goods of Service

• Human Capital

• Production Capital

Education and job training that make it possible for workers to earn a living producing goods or services.

• Capital Goods

• Vocational training courses
• Human Capital

• Leisure activities

Total of all goods & services produced in a country yearly.

• Gross National Product (GNP)
• Gross Domestic Product (GDP)
• Consumer Price Index (CPI)
• Net Domestic Product (NDP)

A system of changing from one type of currency ($) to another so trade can take place.

• Money Swap

• Exchange Rate

• Currency Exchange

• Dollar Switch

Creative, original thinkers who are willing to take risks to create new businesses and products.

• Entrepreneurs
• Trailblazers
• Influencers

• Innovators

Anything made in nature (minerals, forests, water, arable (fertile) land) that can be used by humans for economic gain

• Synthetic resources
• Man-made resources
• Artificial resources
• Natural resources