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Economic terms in the 6th grade Georgia Standards


The production of just one or very few products


The exchange of goods and services

Trade Barriers

When countries limit trade to protect businesses from competition


Taxes on goods brought into a country


A limit on the number of goods from one country to another country


A law that cuts off trade with another country


The type of money a country uses

Human Capital

Workers of a business or country including their education, training, skills and health

Gross Domestic Product (GDP)

The total value of all the goods and services produced in a country in one year

Capital Goods

Goods used to make other goods such as machinery

Natural Resources

Resources that come from nature


One who risks his or her own money time, ideas and energy to start and run a business


Money coming in for a person or into a business


The ability to buy what you need or want


The ability to borrow money


Income not spent


Putting money into a bank account, stock, bond or mutual fund that pays interest


A fee for using money

Standard of Living

The number of goods and services available to each person

Traditional Economy

An economy in which customs and habits of the past decide what and how goods are produced

Command Economy

An economy where centralized groups decide what and how goods will be produced, distributed and consumed

Market Economy

An economy in which changes in price guide what and how goods will be produced, distributed and consumed

Mixed Economy

An economy that blends characteristics of both command and market economies


Limited supply of something


Something we would like to have


Something you can't live without

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