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social studies
sda
| Term | Definition |
|---|---|
| Economics | The social science that deals with the production,distribution and consumption of goods and services |
| Capitalism | Economic system where private owners control the production of goods and profit |
| Bartering | Exchange one good or service for another |
| Supply | How much people have or how much is available |
| Demand | What or how much people want |
| GDP (Gross Domestic Product) | The value of all goods and services produced in a country per year |
| Standard of Living | How well people live based on good public services,education,and health care |
| Literacy Rate | The percentage of people in a country who can read and write |
| Specialization | Making a living doing what a person does best |
| Opportunity Cost | The value of what is given up when a choice is made |
| Currency | Money |
| Exchange Rate | How much one currency is worth in terms of another |
| 3 Questions Economic Systems | 1)What to produce 2)How to produce 3)For whom to produce it |
| Traditional Economy | Economy based on beliefs and values;Usually involves bartering rather than the exchange of currency |
| Market | An economic system based on free trade and competition(free enterprise) |
| Socialism | Economic system in which most business are owned and run by the government |
| Communism | Economic,social,and political system based on the teaching of Karl Max |
| Command | An economic system in which the central government makes all economic decisions |
| Mixed | An economic system that has a combination of government and privately owned business |
| Trade Barriers | Obstacles to trade between countries This makes trade difficult |
| Quotas | Number limit on how many items of a particular product can be imported from a particular country |
| Tariff | A tax placed on imported goods (goods brought from another country) |
| Embargo | Bans on trading with another country for political reasons |
| Human Capital | A supply of people who produce goods and services |
| Capital Goods | Items that people need to preform their jobs |
| Natural Resources | Items that come from the world around the U.S. that we use for our own purposes |
| Entreprenur | People with new ideas that are willing to take risk to start a business |
Created by:
Dillb
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