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Economic Terms

Basic Economic Terms for Middle School

TermDefinition
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