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Economic Terms
Basic Economic Terms for Middle School
| Term | Definition |
|---|---|
| import | a good brought into a country from another country |
| export | a good sent from one country to another in trade |
| supply | the amount of an good or service that a producer wants to sell |
| globalization | the growth in free trade between countries |
| demand | the amount of goods and services consumers want to buy |
| supply | the amount of goods and services offered for sale |
| scarcity | a shortage of a resource (food, oil, water) |
| capital | money and goods used to help people make or do things |
| entrepreneurship | the act of running a business and taking on the risks of that business |
| opportunity cost | what is given up, such as time or money , to make or buy something |
| traditional economy | an economic system in which custom decides what people do, make, buy, and sell |
| command economy | an economic system in which a central government decides what goods will be made and who will receive them |
| recession | a period of slow economic growth or decline |
| inflation | a continued rise in prices or the supply of money |
| barter | to trade by exchanging one good or service for another |
| free market economy | an economic system in which the competition between producers determines the price at which services and goods are sold |
Created by:
Cheryl Snyder Reid
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