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SHMS 6th SS Vocab 2

SHMS 6th Grade Social Studies Vocab 2

TermDefinition
Traditional Economy people produce what they need to survive by farming or hunting and gathering
Market Economy a country's economic decisions are based on what its people want to buy and sell
Command Economy the government controls what is produced, how it is produced, and who gets the products
Mixed Economy a country's economy is a combination of market and command; the government controls some parts of the economy
Specialization when a country makes one or just a few goods or services, the cost of the items produced is lower
Tariffs a tax on imported goods
Quotas restrictions on the amount of a good that can be imported into a country
Embargoes a government order that stops trade with another country
Currency a country's system of money
Exchange Rate the c hanging of currency from one country's form into another's to pay for goods
European Union (EU) an organization of more than 25 European countries originally founded to encourage trade within Europe
Literacy Rate the percentage of a country's people who can read and write
Standard of Living the measure of a nation's quality of life based on income, education, life expectancy, and other factors
Human Capital workers of a business or country including their education, training, skills, and health
Capital factories, machines, technologies, buildings and property needed for a business to operate
Gross Domestic Product (GDP) the total value of all the good and services produced in a country in one year
Per Capita for each person
Entrepreneur a person who risks money, time, ideas, and energy to start and run a business
Created by: hbogue