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Economics Vocabulary

Command a type of economy where the government makes all economic decisions
Traditional a type of economy where people make only enough for themselves and jobs have been the same for generations
Mixed a combination of many types of economies. Its the most common
Market people make their own decisions about the economy
quota when government places a limit on how much of a product can be sold or produces
tariff a tax placed on imported goods
embargo to cut off trade with another country
specialize to make one product because it can be made cheaper or better using the steps of the production process
human capital the people that are used to make products
natural resources things created by nature. Like minerals or plants.
opportunity costs the value of the product you choose not to make or produce.
entrepreneur people who organize the productive resources in order to start a business
capital resources the machines or tools used to produce goods
economics the study of how people choose resources to produce and distribute goods
Production process the three steps used to make a good or product
scarcity a limit on the quantity of a resource.
trade off deciding to less of one thing in order to get more of another
trade barriers anything that limits trade
interdependence relying on others for some goods or resources
import goods purchased from other countries
export goods sold to other countries
Created by: daniel.king



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