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Economics Vocabulary
| Term | Definition |
|---|---|
| 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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