Vocabulary List 1- Pre-assessment of your knowledge of the definitions to the economic vocabulary terms.

1
Vocabulary List 1- Pre-assessment of your
knowledge of the definitions to the economic
vocabulary terms.

• Write the letter to the left of the term you are
  sure that it is correct. Write it on the right of
  the word if you are not sure.

2
Words to own.

• Traditional economy
• Command economy
• Market economy
• Mixed economy
• Supply
• Demand
• scarcity

3
A

• The amount of goods or services available at any
  given time

4
B

• The economic system based on individual choices
  and voluntary trade.

5
C

• A word economists use to describe the conflict
  between peoples desires and limited resources.

6
D

• Economic system that has features of traditional,
  command, and market systems.

7
E

• An economic system in which social roles and
  culture determine how goods are made, sold, and
  bought (subsistence level)

8
F

• an economic system in which the government
  decides what goods will be produced, how they
  will be produced, and how they will be distributed

9
G

• The desire to own something and the ability to
  pay for it

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Vocabulary List 2- Pre-assessment of your
knowledge of the definitions to the economic
vocabulary terms.

• Write the letter to the left of the term you are
  sure that it is correct. Write it on the right of
  the word if you are not sure.

11
Words to own

• Trade barriers
• Tariffs
• Quotas
• Embargos
• Currency
• Currency exchange

12
A.

• 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.

13
B.

• Any law or practice that a government uses to
  limit free trade between countriesit could be a
  political or military obstacle to trade
• by nature or people. It could also be a
  geographical barrier, such as deserts or rivers.

14
C.

• to replace with an equivalent of another form of
  money.

15
D.

• A fee imposed by a government on imported goods.

16
E.

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

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F.

• Money used as a form of exchange.

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Vocabulary list 3- Pre-assessment of your
knowledge of the definitions to the economic
vocabulary terms.

• Write the letter to the left of the term you are
  sure that it is correct. Write it on the right of
  the word if you are not sure.

19
Words to own

• Economic growth
• Capital
• Human capital
• Investment
• Gross domestic product (GDP)
• Technology
• Natural resources
• Entrepreneurship
• Literacy rate

20
A.

• The use of income today in a way that allows
  growth in the future.

21
B

• The knowledge and skills that allow workers to
  produce goods and services and earn an income.

22
C

• Raw materials that are used to support life and
  make goods.

23
D

• The rare mixture of the qualities needed to
  create and run new businesses.

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E

• Total value of a countrys goods and services
  earned over a given year

25
F.

• The increase in the value of all the goods and
  services a country makes from one year to the
  next. 

26
G

• Tools and equipment made through scientific
  discoveries.

27
H

• The amount of people in a country that are able
  to read and write.

28
I.

• The wealth, whether in money or property, owned
  or employed in business by an individual, firm,
  corporation, etc.