Economics Vocabulary

Jamereon Cordell J.c. Edwards

Market Economy

an economy in which decisions regarding investment, production,and distribution

Commmand Economy

A SOCILIAST Economic system in which producton and ditribution

Traditional econnomy

A traditional economy is an original economic system in which traditions, customs, and beliefs shape the goods and the products the society creates. Countries that use this type of economic system are often rural and farm-based

Market

the action or business of promoting and selling products or services, including market research and advertising.

Barter

exchange (goods or services) for other goods or services without using money.

embargo

exchange (goods or services) for other goods or services without using money.

tariff

exchange (goods or services) for other goods or services without using money.

quota

exchange (goods or services) for other goods or services without using money.

trade barrier

exchange (goods or services) for other goods or services without using money.

capital

exchange (goods or services) for other goods or services without using money.

human capital

exchange (goods or services) for other goods or services without using money.

capital goods

exchange (goods or services) for other goods or services without using money.

factors of production

exchange (goods or services) for other goods or services without using money.

gross domestic product

exchange (goods or services) for other goods or services without using money.

standard of living

exchange (goods or services) for other goods or services without using money.

literacy rate

exchange (goods or services) for other goods or services without using money.

medium of exchange

exchange (goods or services) for other goods or services without using money.

mixed economy

exchange (goods or services) for other goods or services without using money.

goods

exchange (goods or services) for other goods or services without using money.

services

exchange (goods or services) for other goods or services without using money.