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SHMS 6th Grade Social Studies Powertime Vocab 3

Resources Things people use. Natural, human, and capital are three different kinds.
Economics The study of how people, businesses, and countries use limited resources.
Economy The system of production, distribution, and consumption.
Three Basic Economic Questions What to produce? How to produce? For whom to produce?
Traditional economy People use just what they need to survive, and they inherit their position from their parents. Economic system of many native peoples.
Command economy The government owns the means of production and most of the land. The government answers the three basic economic questions.
Market economies Allow for private ownership of businesses and land. Also known as a capitalist economy.
Profit The amount of money a business makes after it pays for all expenses.
Expenses Money that has to be paid for materials, labor, or other bills.
Market Wherever buyers and sellers exchange money and goods.
Mixed economies Has characteristics of both command and market economies. Almost all modern economic systems are this kind.
International Trade Occurs when nations choose to exchange goods with one another. It is necessary because no nation can produce everything it wants or needs.
Specialization When a country chooses to produce what it is best at. It forces countries to participate in international trade because countries cannot produce everything they want or need.
Imports Goods a country buys from another country.
Exports Goods a country sells to another country.
Created by: hbogue