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Economics

Basic Economic Terms for GCPS 7th Grade

TermDefinition
Capital Goods goods that are used in producing other goods- Examples: computers, tractors, ovens
Human Capital economic value of a person's abilities and the qualities of their labor that influence productivity- Examples: Education, skills
Specialization a particular area which a country concentrates on or is an expert in- Example: Israel focuses on technology.
Infastructure physical structures that support transportation and quality of life- Examples: roads, power lines, schools
OPEC (Organization of the Petroleum Exporting Countries) a group of 13 countries that work together to control oil prices
Economic Freedom the ability of individuals to work, produce, consume, and invest in any way they want
Market Economy economic system where supply and demand control the economy, rather than government intervention
Command Economy economic system in which production, investment, prices, and incomes are determined centrally by a government.
Traditional Economy a system that relies on customs, history, and time-honored beliefs
Currency anything that is generally accepted to have value as a medium of exchange so that it can be traded for goods and services
Entrepreneur a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so
Created by: DMSSmith
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