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International Towne

studying for social studies unit

TermDefinition
entrepreneurship the willingness to assume the risks of organizing and coordinating resources to produce goods and services
trade an exchange of goods or services
tariff a tax on imports
embargo when one nation prohibits trade with another; often for political reasons
subsidy payments made to domestic businesses to help them compete with foreign businesses
Gross Domestic Product the total market value of the goods and services produced by a nation in a given time period.
trade barrier limits or restrictions on foreign trade
quota a limit on the amount of goods that can be imported
interdependence the condition where countries become dependent on one another because of specialization and trade
sustainability the ability to provide for the needs of the world's current population without damaging the ability for future generations to provide for themselves
domestic having to do with the internal affairs of a country
import goods brought in from a foreign country for trade or sale
export goods shipped out of a country for trade or sale
labor all human effort including the knowledge and skills used in the production of goods or services
land gifts of nature: natural resources used to produce goods and services, for example, land, minerals, and trees
capital man-made resources used to produce goods and services, for example, machinery, factories, and tools
literacy rate the percentage of citizens in a country who can read and write
life expectancy the number of years a person is expected to live
per capita for every person
specialization when production is concentrated on producing only those goods and services that can most efficiently be produced given existing resources
Created by: HannahP851
 

 



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