Grade 7 Government and Economics: Key Terms and Definitions, Exams of
Advanced Education
Embargo - ANSWERAn official ban on a trade or other commercial activity
with a particular country
quota - ANSWERA limit on imported goods that can come into the country
Human capital - ANSWERthe skills, knowledge, and experience possessed by
an individual or population, viewed in terms of their value or cost to an
organization or country.
Capital goods - ANSWERgoods that are used in producing other goods, rather
than being bought by consumers.
Entrepreneur - ANSWERa person who organizes and operates a business or
businesses, taking on greater than normal financial risks in order to do so.
Tariff - ANSWERa tax or duty to be paid on a particular class of imports or
exports.
Advanced Education
Embargo - ANSWERAn official ban on a trade or other commercial activity
with a particular country
quota - ANSWERA limit on imported goods that can come into the country
Human capital - ANSWERthe skills, knowledge, and experience possessed by
an individual or population, viewed in terms of their value or cost to an
organization or country.
Capital goods - ANSWERgoods that are used in producing other goods, rather
than being bought by consumers.
Entrepreneur - ANSWERa person who organizes and operates a business or
businesses, taking on greater than normal financial risks in order to do so.
Tariff - ANSWERa tax or duty to be paid on a particular class of imports or
exports.
