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Economics Vocabulary

6th Grade Social Studies

TermDefinition
capitalism a decentralized market economy
command economy an economy in which centralized planning groups decide what and how goods and services will be produced, distributed, and consumed
currency money used in a particular country to buy goods and services
demand how many people want the goods available and what they are willing to pay for them
economic system the way a country decides what goods and services will be produced, how they will be produced, and who will consume them
embago a government order stopping trade with another country to put pressure on the government of that other country
entrepreneur one who risks his or her own money, time, ideas, and energy to start and run a business
free economy describes an economy where businesses can operate without too many rules from the government
free enterprise a decentralized market economy
free-trade zone an area where there are no tariffs among participating countries; for example, North America (NAFTA) or the European Union (EU)
Gross Domestic Product (GDP) the total value of all goods and services produced in a country in one year
human capital workers of a business of country including their education, training, skills, and health
laissez-faire a decentralized market economy
literacy rate the percentage of a country's people who can read and write
market economy an economy in which changes in price guide what and how goods and services will be produced, distributed, and consumed
mixed economy an economy hat blends characteristics of both command and market economies, but falls closer to one form or the other
physical capital factories, machines, technologies, buildings, and property needed for a business to operate
quota (1) in a centralized command economy, being told by government what and how much to produce in a certain time; (2) a limit placed on the number of imports that may enter a country
rubble the Russian currency
scarcity limited supply of something
standard of living the degree of wealth and material comfort available to a person or community
supply the amount of goods available
tariff a tax on imports
trade barriers ways of limiting trade by tariffs, quotas, or embargoes
traditional economy an economy in which customs and habits of people of the past decide what and how goods and services are produced, distributed, and consumed
Created by: dr_allison
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