Economics Vocab Word Scramble
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| Term | Definition |
| GDP | Gross Domestic Product; the total value of goods and services produced in a country in a year |
| 4 Factors of Economics Growth | Entrepreneurship, human capital, capital goods, natural resources |
| Entrepreneurship | A person willing to risk their time and money in a new product or improved product |
| Human Capital | The value of a person's skills and education |
| Capital Goods | Goods used to make other goods |
| Natural Resources | Gifts from the Earth |
| Specialization | When countries focus on producing what they can produce easily and trade for what they need |
| Interdependence | When countries rely on each other for goods and services; usually a result of specialization |
| Market Economy | Supply and demand determine what is produced, how much is produced, and for whom it is produced |
| Command Economy | The government determines what is produced, how much is produced, and for whom it is produced. |
| Traditional Economy | Traditions and customs determine what is produced, how much is produced, and for whom it is produced. |
| Mixed Economy | A combination of government and supply and demand control economic decisions |
| Scarcity | When there is not enough of a good |
| Surplus | When there is more than needed of a good |
| Export | Goods that are sent out of the country to another |
| Import | Goods that are brought into a country from another |
| Quota | A limit on imports |
| Tariff | A tax on imports |
| Embargo | A refusal to trade with a country |
| The higher the literacy rate.... | the higher the standard of living |
Created by:
MsBentley
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