Economics Vocabulary

An economic system that is based on culture, tradition and rituals.

• mixed economy

• traditional economy

• command economy

• market economy

Total value of goods and services produced in a country in a year

• NAFTA

• GNP

• GDP

• EU

the state of being in short supply

• quantity

• subsistence

• scarcity

• quota

The percentage of a country's population over the age of 15 that can read or write

• reading number

• literacy rate

• standard of living

• entrepreneurship

A person who comes up with a product or service, or a better way to produce one.

• entrepreneur

• human capital

• capital good

• natural resource

An economic system that relies on the government to make all economic decisions

• traditional economy

• market economy

• mixed economy

• command economy

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

• subsistence

• specialization

• scarcity

• bartering

People who perform labor. Invest in it with education and job training.

• tariff

• GDP

• entrepreneur

• human capital

A production of the Earth (gift of nature) that people use to meet their needs.

• Resource

• Capital Resource

• Good

• Natural Resource

A complete ban on trade.

• quota

• tariff

• embargo

• mountains and oceans