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S.S. Terms

Social Studies Words

DefinitionWord
Economy Way a nation makes economic choices about how resources will be used, produced, and distributed
Command Economy Resources are based on the individual and they make their decisions
Traditional Economy All resources are collectively owned and directed by the family/village for their personal consumption
Mixed Economy An economy that is a combination of command, market, and traditional.
Entrepreneur Person who risks capital (money) to produce a good or service.
Investment The investing of money or capital in order to gain profitable returns, as interest, income, or appreciation value
Barter The exchange of goods and services for others.
Quota Rstrictions on the amount of a good that can be imported into a country
Tariff A tax placed on imported goods.
Embargo To forbid trade with another country.
Currency Paper or coins that a country uses for its money supply.
Scarcity A condition of limited resources and unlimited wants by people.
Human Capital People who perform labor.
Capital Refers to the wealth, in particular wealth that can be used to finance the production of goods and services.
Specialization Concentration on a narrow range of products and/or resources
GDP Total market value of all goods and services produced in a country in a given year
Capitalism Individuals privately own most resources.
Socialism State owns the resources.
Communism Whole community owns all the resources.
OPEC Organization of the petroleum exporting countries. Established in 1960 to control the supply and income of oil producing countries.
Diversified Economy based on a variety of things like manufacturing, agriculture, and trade.
Created by: NiniUgha0611
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