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economic vocabs:)

7th grade

QuestionAnswer
economics the study of how the people or countries manage (choose to use) their limited resources by the producing exchange and using goods and services
human capital labor that is done by the people
capitol the machine, tools, factories, land, and technology
natural resources raw material used and to make products or "gift of nature"
renewable resources can be used and replaced over a short period of time
nonrenewable resources cannot be replaced over a short period of time
traditional economy social and culture decides the goods and services that will be used
command economy governments makes all of the deciding s
market economy when the people decides on the goods and services
mixed economy people and the governments share the role
import goods brought into the country
export good brought out of the country
currency money
voluntary trade voluntarily purchasing something where both groups
specialization the developed of skills in a particular type work, such as trading
entrepreneur someone who organizes, manages, and assume, business risk by bringing together natural
trade barriers any law or practice that a government use to limited free trade between
tariff tax
embargo cutting off the import and export in that country
quota limiting the amount of products
GDP gross domestic products- the amount of product and services produced in one country
scarcity the amount of that product is decreasing, which lead to higher prices
surplus the amount of that product is increasing, which lead to increasing in prices
OPEC the organization of the petroleum exporting country-sets the price for oil and the amount of oil produced
commodity a valuable or useful in economics goods
Created by: PRgurl2312
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