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Economics Handbook
Vocabulary
Economic System
• The way in which a nation uses its
resources to satisfy people’s needs and
wants.
Scarcity
• the economic problem of having unlimited
human wants in a world of limited
resources.
Traditional Economic System
• An economic system is which social
roles and culture determine how goods are
made, sold, and bought.
Market Economic System
• An economic system based on individual
choices and voluntary trade.
Command Economic System
• An economic system is which the
government owns some or all of the
factors of production.
Mixed Economy
• An economy that has features of more
than one of the economic systems.
Trade Barrier
• Any law or practice that a government
uses to limit free trade between countries.
Embargo
• A type of trade barrier
in which a
government places
restrictions on the
import or export of
certain goods.
Embargoes often are
backed by military
force.
Quota
• A limit on the amount
of a product that may
be imported during a
given period of time.
Tariff
• A fee charged for
goods or services
brought into a state or
country from another
state or country.
Free Trade Zone
• An exchange of goods without the use of
tariffs or quotas within a certain boundary
(European Union)
Currency
• Money in any form that is accepted as a
medium of exchange, but especially paper
money.
Exchange Rate
• The amount of one currency that can be
purchased for a given unit of another.
Physical Capital
• Resources such as factories, machinery,
and tools that people use to make other
goods.
Human Capital
• The knowledge and
skills that allow
workers to produce
goods and services
and earn an income.
Standard of Living
• refers to the level of wealth, comfort,
material goods and necessities available
in a certain area.
Literacy Rate
• the ability to read and write at a specified
age in a country.
Gross Domestic Product
(GDP)
• is the monetary value of all the finished
goods and services produced within a
country's borders.
Natural Resources
• Raw materials that are used to support life
and make goods.
Entrepreneur
• Someone who brings together land, labor,
and capital goods to produce goods and
services.