Economics Word Scramble
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| Term | Definition |
| Economics | The social science that deals with the production, distribution and consumption of goods and services |
| Bartering | Exchange one good or service for another |
| Traditional | Based on culture and rituals |
| Command | Relies on government to make all economic decisions |
| Market | Consumer choices determines how industry and financial markets operate |
| Mixed | Limited government involvement while applying free market concepts |
| 3 questions answered | How to produce it? Whom to produce for? What to produce? |
| Capitailism | Economic system with private owners control the production |
| Supply | How much people have |
| Demand | What or how much people want |
| Specialization | Making a living doing what a person dose best |
| Human Capital | A supply of people who can produce goods and services |
| Capital Goods | Items that people need to perform their jobs |
| Natural Resources | Items that come from the world around us that we use for our own purposes |
| Entrepreneur | People with new ideas that are willing to take risks to start a business or make a product |
| GPD | The average annual income of a nation's citizens |
| Standard Of Living | Level of comfort in everyday life |
| Literacy Rate | The percent of people in a country who can read and write |
| Embargo | Bans on trading with another country for political reasons |
| Tariffs | A tax placed on a good(goods brought in from another country) |
| Quotas | Number limit on how many items of a particular product can be imported from a particular counrtry |
| Currency | Money |
| Exchange Rate | Converting one nation's money into an equal value of another nation's money |
Created by:
Aminah_R
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