Economics Vocabulary

Government Makes all the economic decisions

• Market

• Mixed

• Market

• Command

exchange (goods or services) for other goods or services without using money.

• Market

• exchange rate

• bartering

• Mixed

The factories and machines used to make goods

• Literacy rates

• Human Capitol

• Capital Goods

• GDP

A system in which private business makes all the decisions

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

The ability ot read and write

• Human Capital

• Literacy Rate

• Capital Goods

• Opec

Goods purchased form other countries

• exports

• imports

• Specialization

• GDP

A limit on imported goods

• Quota

• Embargo

• Tariff

• Command

the degree of wealth and material comfort available to a person or community

• Exchange Rate

• Gross Domestic Product

• Standard of Living

• Literacy Rate

To determine how much money (currency) is worth in another country

• GDP

• Exchange rate

• Entreprenuer

• Continuum

Goods sold to other countries

• GDP

• imports

• exports

• Specialization