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Economics Terms
Basic Economics Vocabulary
| Term | Definition |
|---|---|
| The buyer of goods and services | Consumer |
| The amount of goods and services desired or wanted by consumers | Demand |
| The amount of a good or service available to consumers | Supply |
| An exchange of goods and sevices | Trade |
| The value of all goods and services produced in a country yearly | Gross Domestic Product (GDP) |
| The general level of the quality of life of people in a country. | Standard of living |
| When countries focus on producing one or few goods to make them more efficiently and quickly | Specialization |
| An economy where decisions are made by the government | Command economy |
| An economy where decisions are made by producers and consumers or the law of supply and demand | Market economy |
| An economy where consumers and producers and the government make economic decisions | Mixed economy |
| An economy that is based on the habits and customs of a small group of people | Traditional economy |
| The education and training of workers | Human capital |
| Factories, machinery, and technology used to create goods or provide services | Capital goods |
| A tax or fee on imports | Tariff |
| A trade barrier that only allows a specific amount or number of a product to be imported | Quota |
| A trade barrier preventing(blocking) trade with another country | Embargo |
| A person who starts their own business | Entrepreneur |
Created by:
Mrs. Gordon SS
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