Embargo - An official ban, usually on trade with another country., Entrepreneurship - The process of starting an organization or buisness., Human Capital - The human knowledge, creativity, and habits that contribute to an economy., Specialization - the focusing of a business or a country on one or a relatively small number of products or services. , tarriff - A tax on imports or exports., Capital goods - the property, tools and technology that represent the investments of a person or business., Quota - A limit set on the production of a product., Natural resources - Land, water, forests, and minerals found in nature., Literacy - the ability to read and write, Gross Domestic Product - the total monetary value of goods and services produced in a country in a year, Command - economy where the government makes all the choices , Market - Supply and demand decide what is bought and sold, Mixed - Combo of command and market economies, import - goods brought into a country, export - goods sent out of a country, Currency - a country's money,
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Econ Vocab
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