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GSE Unit 6 Vocab #3
GSE Unit 6 Vocabulary Quiz #3
Term | Definition |
---|---|
outsourcing | the transfer of work/production from one country to another where the cost of labor/manufacturing is cheaper |
shale oil | an alternative fossil fuel derived from fossilized organic material found in sedimentary rock |
standard of living | the level of wealth and material comfort available to a people |
currency | a nation’s money |
currency exchange | converting one nation’s money into an equivalent value/quantity of another’s |
exchange rate | the approximate value of one nation’s currency in terms of another’s |
literate | able to read and write in one’s native language |
literacy rate | the percent of a nation’s population over the age of 15 who are able to read and write |
GDP per capita | the average annual income of a nation’s citizens; per capita is Latin for “by each head” |
gross domestic product (GDP) | the estimated total value of all the final goods and services produced in a nation in a year’s time. |
human capital | the knowledge, skills, and relative health of a nation’s labor force |
capital goods | the factories, machinery, technology, etc. that are necessary to sustain a service or industry |