1. ECONOMY VOCABULARY

2. An economy that’s based on survival of the community

3. TRADITIONAL ECONOMY

4. An economy that is mostly controlled by the gov’t

5. Command Economy

6. An economy where the citizens make most of the buying decisions

7. Market Economy

8. When there is not enough of a desired product

9. Shortage

10. When there is too much of a product that is not selling

11. Surplus

12. A product of the earth used to meet people’s needs

13. Natural Resource

14. Cannot be used up; can be grown or replaced

15. RENEWABLE

16. Investment in the education, training, and healthcare of workers

17. Human Capital

18. Machinery, computers, technology needed to make a product

19. Capital Goods

20. A country that manufactures many products

21. DEVELOPED COUNTRY

22. A country working toward industrialization

23. Developing Country

24. The exchange of goods/currency between people and countries

25. Voluntary Trade

26. An obstacle to voluntary trade

27. Trade Barrier

28. A tax placed on some imported goods

29. Tariff

30. A limit to the number of products that can be imported

31. Quota

32. A ban on trading with another country

33. Embargo

34. One who starts and owns his/her own business

35. Entrepreneur

36. A product made in one country but sold in another country

37. Export

38. The percentage of people who can read and write

39. Literacy Rate

40. Free trade agreement between US, Canada, and Mexico

41. NAFTA
North American Free Trade Agreement

42. The quality of life based on one’s income and material goods

43. Standard of Living