Economics Vocabulary

2. a person who has an idea for a new product or business and takes the risks to make it happen
6. using a product
9. focusing your energy on producing goods you can make cheaply and easily using the resources you have
13. doing something of your own free will; no one is forcing you to do it
14. the system of how money is made and used in a country
16. starting a new business, inventing a new product, or offering a new service
17. the formula to make sure you are getting the fair amount of currency when you trade
18. the money (coins and bills) that is used in a country
19. a product that is sold and transported out of a country

1. making a product (something to sell)
3. Not allowed to trade with another country (specific category or at all)
4. moving a product from where it’s made to where it can be sold or used
5. a product that is bought from another country
7. a rule that decreases trade between two countries
8. A limit on products brought from another country (limited supply = higher price)
10. the study of how countries make money and how much money they have
11. A tax on products brought from another country (makes them more expensive)
12. selling the goods and services you can provide to make money to buy what you can’t make yourself
15. trading the currency you have for the currency another country uses