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Economic Vocabulary

7th Grade SW Asia Economic Vocabulary

TermDefinition
Traditional Economy Economic decisions base on customs and beliefs of the past.
Command Economy Government makes all economic decisions example: North Korea
Market Economy Private business and individuals make all economic decisions. NO GOVERNMENT
Specialization Products that a country makes best. Better than anyone else.
Tariff Tax on imported goods
Quota Limit on amount of goods a country imports
Embargo Complete ban no trading for political reasons
Currency Exchange Changing types of money to another type of money
GDP A country's total amount of money/economy
Human Capital Education, healthcare and training of workers
Capital Goods technology, factories, machines used to make/sell products
Natural Resources Gifts of nature. Ex; oil, gold, diamonds, trees
Entrepreneurship Someone who takes a risk to open/own a business
Standard of Living How well the people in your country are able to live
Literacy Rate the percent of country's population who can read and write over 15
Created by: Stauffer
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