Economics Word Scramble
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| Term | Definition |
| Gross Domestic Product (GDP) | the total market value of all goods and services that are produced within a country, during a given period (usually one year) |
| natural resources | The non man-made materials used to make a product or provide a service. (minerals, forests, water, fertile land) |
| human capital | The skills,knowledge, time and energy of the people involved in making a product or providing a service. |
| Capital goods | Man made items like tools and factories used to produce a good or service. |
| entrepreneur | a person who organizes and operates a business or businesses |
| Wants | The desire or need for a product or service |
| goods | something you buy and consume |
| service | something that someone does for you |
| Scarcity | The absence of something that results from the conflict between unlimited wants and limited resources. |
| Traditional | Everyone works for the good of everyone else. Made up of units. "Primitive" by some standards. |
| Command | You have little say in economic decisions. You will do as you are told and you will like it or else! The government or central authority controls the F.O.P |
| Market | People have a major say in economic decisions. Most are motivated by the opportunity to make money. |
| Mixed | An economy that is a mixture of the three basic systems. |
| exports | goods sold to other countries |
| imports | goods purchased from other countries |
| trade barrier | anything that serves as an obstacle to trade |
| tariff | a tax on imported goods |
| quota | a limit on the amount of imported goods allowed into a country |
| embargo | government bans or blocks trade with another country |
Created by:
Germaine11
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