a system that relies on customs, history, and time-honored beliefs.

an economy in which production, investment, prices, and incomes are determined centrally by a government.

a type of economic system where supply and demand regulate the economy, rather than government intervention.

an economic system combining private and public enterprise.

exchange (goods or services) for other goods or services without using money

relationship between the amount of a good that producers wish to sell at various prices and the amount that consumers wish to buy.

a method for categorizing an economy between command, market, or mixed.

a person who purchases goods and services for personal use.

to produce a product or create a service

a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

A barrier to trade is a government-imposed restraint on the flow of international goods or services.

an official ban on trade or other commercial activity with a particular country.

government-imposed limit on the quantity of the goods or services that may be exported or imported

tax imposed by one country on the goods and services imported from another country.

bring (goods or services) into a country from abroad for sale.

send (goods or services) to another country for sale.

a system of money in general use in a particular country.

the percentage of the population of a given age group that can read and write

the degree of wealth and material comfort available to a person or community.

the skills, knowledge, and qualifications of a person, group, or workforce considered as economic assets

gross domestic product (GDP)

the total monetary or market value of all the finished goods and services produced within a country's border

goods that are used in producing other goods, rather than being bought by consumers.

the process of concentrating on and becoming expert in a particular subject or skill.

roads, bridges, communication systems, and Internet access

land and materials found on Earth

to maintain, keep steady, control

three basic economic questions

What to produce? How to produce? For whom to produce?

the science that deals with the production, distribution, and consumption of goods and services

a limited supply of a good or service

to have more of a product than what people need or want

to only have enough for you and your family

Help

Options

focusNode

Didn't know it?
click below

Knew it?
click below

Don't Know

Remaining cards (0)

Know

retry

shuffle

restart

0:00

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

Economics Vocabulary

Term	Definition
traditional economy	a system that relies on customs, history, and time-honored beliefs.
command economy	an economy in which production, investment, prices, and incomes are determined centrally by a government.
market economy	a type of economic system where supply and demand regulate the economy, rather than government intervention.
mixed economy	an economic system combining private and public enterprise.
barter	exchange (goods or services) for other goods or services without using money
supply & demand	relationship between the amount of a good that producers wish to sell at various prices and the amount that consumers wish to buy.
economic continuum	a method for categorizing an economy between command, market, or mixed.
consumers	a person who purchases goods and services for personal use.
producers	to produce a product or create a service
entrepreneur	a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
trade barrier	A barrier to trade is a government-imposed restraint on the flow of international goods or services.
embargo	an official ban on trade or other commercial activity with a particular country.
quota	government-imposed limit on the quantity of the goods or services that may be exported or imported
tariff	tax imposed by one country on the goods and services imported from another country.
import	bring (goods or services) into a country from abroad for sale.
export	send (goods or services) to another country for sale.
currency	a system of money in general use in a particular country.
literacy rate	the percentage of the population of a given age group that can read and write
standard of living	the degree of wealth and material comfort available to a person or community.
human capital	the skills, knowledge, and qualifications of a person, group, or workforce considered as economic assets
gross domestic product (GDP)	the total monetary or market value of all the finished goods and services produced within a country's border
capital goods	goods that are used in producing other goods, rather than being bought by consumers.
specialization	the process of concentrating on and becoming expert in a particular subject or skill.
infrastructure	roads, bridges, communication systems, and Internet access
natural resource	land and materials found on Earth
regulate	to maintain, keep steady, control
three basic economic questions	What to produce? How to produce? For whom to produce?
economics	the science that deals with the production, distribution, and consumption of goods and services
scarcity	a limited supply of a good or service
surplus	to have more of a product than what people need or want
subsistence	to only have enough for you and your family

Created by: n_hummell

"Know" box contains:
Time elapsed:
Retries: