6th Grade Economic Vocabulary
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14 terms
Terms | Definitions |
|---|---|
 Market Economy | People are free to buy and sell, consumers have choices. |
| Traditional Economy | Community makes its own goods. |
| Mixed Economy | Economic system combine 2 or more of market. |
| Command Economy | They command you to do whatever they say, consumers have no choice. |
| Natural Resources | Things that come from nature - water, soil, wood, coal. |
| Capital Resources/Goods | Factories produces goods. |
| Human Resources | Training of people. |
| Currency Exchange | Trading money. |
| Tariff | Prices are raised |
| Trade Restriction | Law that the government has put in place (include tariffs, quotas, and embargos). |
| Embargo | Prohibit or stop trade with other nations. |
| Entrepreneur | Owner of your own business. |
| Quota | A legal limit on the amount that's imported. |
| North American Free Trade Agreement (NAFTA) | An agreement between the U.S., Canada, & Mexico that eliminate taxes of agriculture good. |
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