Economic Vocabulary

2. rate – The percentage of people who can read and write.
4. – Organization of Petroleum Exporting Countries; coordinates oil policies of member countries.
7. – A tax on imported goods.
8. per capita – The average income per person in a country.
9. economy – An economy where businesses and consumers decide what is produced and bought.
12. economy – An economy based on customs, traditions, and barter.
13. capital – The skills, education, and training people have.
14. – A complete ban on trade with another country.
16. resources – Materials from nature like water, oil, and minerals.
17. exchange – Changing one country’s money into another’s to buy goods/services.
19. economy – A combination of market and command economies.

1. – Focusing on producing one or a few goods/services well.
3. – A limit on how much of a good can be imported.
5. – A person who starts and runs a business.
6. goods – Tools, machines, and factories used to produce goods.
10. system – How a country decides to produce, distribute, and use goods and services.
11. trade – A trade between countries or people that is done willingly and benefits both sides.
15. barrier – A restriction on international trade, like tariffs, quotas, or embargoes.
18. economy – An economy where the government makes all economic decisions.