Tariff  - A TAX on imported goods, Quota - A LIMIT on the quantity of an item brought into a country, Embargo - A STOP/BAN on trade with another country , GDP - The total value of all goods and services produced by a country in one year., Natural Resources - Materials or substances such as minerals, forests, water, and fertile land that occur in nature., Human Capital - The skills, knowledge, and experience possessed by an individual or population, Capital Goods - Goods that are used in producing other goods., Entrepreneur - A person who organizes and operates a business, taking on greater than normal financial risks., Mixed Economy - When BOTH government and people answer the economic questions, Command Economy - When the government makes all economic decisions & owns most of the property., Market Economy - When economic decisions are guided by the changes in prices and are affected by supply and demand., Traditional Economy - An economic system in which economic decision are based on customs and beliefs., Standard of Living - The degree of wealth and material comfort available to a person or community., Specialization - When people, businesses, regions, and/or nations concentrate on goods and services that they can produce better than anyone else.,

Basics of Economics

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