Economics Vocabulary

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

• subsistence

• specialization

• scarcity

• bartering

A limit on the amount of items that can be imported into a country.

• tariff

• quota

• embargo

• scarcity

A complete ban on trade.

• quota

• tariff

• embargo

• mountains and oceans

A tax on imports or exports.

• quota

• tariff

• embargo

The factories, machinery, technology, etc. that are necessary to sustain a service or industry.

• human capital

• capital good

• natural resource

• entrepreneurship

the state of being in short supply

• quantity

• subsistence

• scarcity

• quota

A production of the Earth (gift of nature) that people use to meet their needs.

• Resource

• Capital Resource

• Good

• Natural Resource

Total value of goods and services produced in a country in a year

• NAFTA

• GNP

• GDP

• EU

An economic system with limited government involvement and driven by consumer's buying decisions

• traditional economy

• mixed economy

• market economy

• command economy

Producing only what is necessary for personal use/survival

• subsistence

• local farming

• commercial

• personal production