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Economics 6th grade

Three basic economic questions (1) What goods and services will be produced? (2) How will goods and services be produced? (3) Who will consume the good and services?
traditional economy the customs and traditions of the past are used to decide what and how goods will be produced, distributed, and consumed; no currency, bartering used instead; oldest system
market economy also called free enterprise system or capitalism; economic decisions are guided by changes in prices that occur between buyers and sellers in the market place; US, UK
command economy government planning groups make the basic economic decisions; Russia
mixed economy an economy having characteristics of both market and command systems; all countries have mixed economies today. We use an economic continuum to show how countries compare in their economic freedom.
trade barriers ways that countries protect their economies by limiting trade
tariff a tax on imported goods
quota a limit placed on the number of imports that can come into a country
embargo a government order stopping trade with another country (the strongest form of trade barrier)
free trade zone the European Union; a group of countries between which no tariffs are collected; in a free trade zone, goods can be purchased for a lower price
European Union Europe’s free trade zone
euro the common currency of the European Union
currency money used in a country to make the exchange of goods easier; the US dollar
Russian ruble Russia’s currency
British pound UK’s currency
Gross Domestic Product the amount of good and services produced in a country in one year
human capital the education, training, skills, and health of workers
capital goods also called physical capital; factories, machines, technologies, buildings, and properety needed by businesses to operate
literacy rate number of people in a country who can read and write their own language
specialization the division of labor; work is divided into parts for workers, factories, or countries to become experts are producing certain goods
entrepreneur one who risks his or her own money, time, ideas, and energy to start and run a business
Created by: Deigh