economic vocab

joshua burdue

market economy

A market economy is an economy in which decisions regarding investment, production, and distribution are based on supply and demand

command economy

A command economy is where economic decisions are planned out in detail by a central government authority. The plan is implemented house of relatives

cube has camand economy.

Traditional economy

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.


a place where products are bought and sold.

An example of a market is a store


to trade by exchange of commodities rather than by the use of money.


an order of a government prohibiting the movement of merchant ships into or out of its ports.


an official list or table showing the duties or customs imposed by a government on imports or exports.


the share or proportional part of a total that is required from, or is due or belongs to, a particular district, state, person, group, etc.

Trade barrier

any regulation or policy that restricts international trade, especially tariffs, quotas, etc.


the city or town that is the official seat of government in a country, state, etc.:

like Tokyo is the capital of Japan.

human capital

the collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or their community:

like Education is an investment in human capital that pays off in terms of higher productivity.

Capital goods

machines and tools used in the production of other goods (contrasted with consumer goods ).

factories of production

  • Land (including all natural resources)
  • this is example of a factor of production.
  • These factors are classified also as management, machines, materials, and money (this, the 4 Ms), or other such nomenclature.

    Gross domestic product

    Gross domestic product (GDP) is defined by the Organisation for Economic Co-operation and Development (OECD) as "an aggregate measure of production equal to the sum of the gross values added of all resident, institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the value of their outputs).An example of gross domestic product is The Department of Commerce releases GDP data for the U.S. economy on a quarterly basis at 8:30 am EST on the last business day of the next quarter.

    standard of living

    A level of material comfort as measured by the goods, services, and luxuries available to an individual, group, or nation.

    literacy rate

    The quality or state of being literate

    midiam of exchang

    Something, such as a precious metal, that is commonly used in a specific area or among a certain group of people as money.

    mixed economy

    An economic system that allows for the simultaneous operation of publicly and privately owned enterprises.


    Being positive or desirable in nature; not bad or poor.

    a good experience; good news from the hospital


    services is transportation for a city.