Economics Vocab Word Scramble
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| Term | Definition |
| Economics | The production, distribution, and consumption of goods and services. |
| Capitalism | Economic system in which private owners control the production of goods and services. |
| Bartering | Exchanging one good or service for another. |
| Supply | How much people have or how much is available. |
| Demand | How or what people want. |
| GDP | The value of all goods and services produced in a county per year. |
| Standard of living | The degree of wealth and material comfort available to a person or community. |
| Literacy rate | The percentage of people in a country who can read and write. |
| Specialization | Making a living of what a person does best. |
| Currency | Money$ |
| Currency exchange | trading one type of currency for another. |
| Voluntary exchange | A market where buyers or sellers have the right to sell or buy what they want or refuse to if they choose. |
| Questions answered | What to produce. How to produce it. For whom to produce it. |
| Traditional economic system | Based on traditions |
| Market economic system | People own all resources( no government) and keep all profits. |
| Command economic system | Government chooses what goods are being made and how they are made. |
| Mixed economic system | Combination of market and command economy. |
| Tariff | Taxes on goods |
| Quota | Restrictions on amounts of a good that can be imported into a country |
| Embargo | Forbid trade |
| Euro | European currency |
| EU promotes | free trade and democracy |
| Natural resources | naturally occurring source of wealth, land, or water |
| capital resources | machines and tools used to produce goods. |
| human resources | people in a work force |
| entreprenur | person who takes risks to start a business |
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Kiley7
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