Economics Vocabulary Worksheet

Student Name: ________________________________________ Date: ___________ Score: ______

Define these terms (use the glossary in your textbook: pages R36-R49):

Currency: _________________________________________________________________________________________

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Factors Of Production: _____________________________________________________________________________

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Gross Domestic Product: ___________________________________________________________________________

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Market Economy: __________________________________________________________________________________

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Nonrenewable Resources: __________________________________________________________________________

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Profit: ____________________________________________________________________________________________

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Renewable Resources: _____________________________________________________________________________

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Scarcity: _________________________________________________________________________________________

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Standard Of Living: ________________________________________________________________________________

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Match the term on the left with its definition on the right:
__ Brazil A. The potential that an investment will lose money.

__ Capital B. This is equipment and factories used in the production of goods and services.

__ Command C. In economic terms, this refers to goods or services that people desire but do not
Economy necessarily require for survival

__ Credit D. This situation occurs when an entity- a person, business, or government- owes
money to another entity.

__ Debt E. Ability to obtain goods and services before payment, or money lent or made
available, both with specific guidelines for repayment.

__ Embargo F. This is one of the three main factors of production. It is the measure of the work done
by people.

__ Entrepreneur G. This is a restriction to regulate international commerce.

__ Exchange Rate H. This is the practice of goods being traded between countries without any (or with
reduced) tariffs that might slow down trade.

__ Free Trade I. This is a type of protectionist trade restriction that sets a physical limit on the
quantity of a good that can be imported into a country in a given period of time.

__ Income J. In economic terms, this is something a person MUST have in order to survive, as
opposed to something a person might simply desire.

__ Labor K. These are use materials that are found on or in the earth and are used in the
production of goods and services.

__ Mixed Economy L. the value of one currency expressed in terms of another

__ NAFTA M. This is a free enterprise system with some government involvement.

__ Natural Resources N. This is a tax on imported goods and is usually designed to protect domestic
production of similar goods.

__ Need O. This is an agreement signed in 1993 to reduce tariffs between the United States,
Canada, and Mexico

__ Opportunity Cost P. This is the voluntary exchange of goods and or services.

__ Quota Q. economic system characterized by a central authority which makes major economic
decisions

__ Risk R. This country, the largest in South America, is a federative republic and is the only
American country to use Portuguese as its official language.

__ Specialization S. This is money that is gained for goods or services by an individual or business.

__ Tariff T. This is the process of prohibiting commerce and trade with another country. This is
often done to affect the country to change an internal policy.

__ Trade U. This is the value lost when one alternative is chosen over another.

__ Trade Barrier V. This is when each worker performs a specific task in production.

__ Traditional W. a person who takes the risk of a new business enterprise

Economy

__ Wants X. This is the term used to describe economic systems in which the basic economic
questions are answered based on a socially, pre-established way.
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Categorize the vocabulary words in the thick boxes in the chart on the next page. Include a title for
each category and an explanation for why those words go together. You may or may not use all
columns.
 Economics Categories
Title:

Vocabulary
Words

Explanation