1. traditional economy-an economic system in which social roles and culture decides the answer to the basic economic questions
2. mixed economy- economy that has some combination of a pure command economy and a pure market economy
3. human capital- knowledge and skills that allow workers to produce goods and services to earn income
4. literacy rate- Percentage of population aged 15 years and over who can both read and write with understanding a short simple statement on his/her everyday life.
5. tariff -a trade barrier in which a government charges a fee (tax) to import certain products
6. specialization- having one main way to make money
7. natural resources- raw materials that can be used to support life or made into other products: can be renewable (trees, water) or non-renewable (oil, minerals)
8. diversification- having many different ways to make money
9. command economy- economic system where the government decides the answers to the basic economic questions
10. capital resources- resources like money, machines, factories and tools that are used to make other products
11. entrepreneur(ship)- people who take risks to bring resources and know how together to produce goods and services for a profit
