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Social Studies Unit3
| Term | Definition |
|---|---|
| Traditional | Type of economic system decisions are based on customs and beliefs. Many times people may also barter for desired goods. |
| Command | Type of economic system of the government that contrals all economic decisions. Communist nations tend to have these. |
| Market | In this type of economic system private business and consumers make all the economic decisions. Supply and demand also determins what good will be produced. |
| Mixed | This type of economic system government and private businesses control the economic decisions. Democratic nations have this system. |
| Producers | People who make the goods. |
| Consumer | People who buy the goods. |
| Goods and Services | The type of goods people buy. They may be tangible or intangible. |
| Physical | A natural trade barrier |
| Economical | A political trade barrier placed on a country or good by another country. |
| Embargo | When one country refuses to trade with another country. |
| Blockade | When one country completely surrounds another country city, country, or port, and they not allow good to enter or leave that country. |
| Quota | A limit placed on the amount of goods that may be brought to import a country to encourage production within that country. |
| Tariff | A tax placed on an imported good. |
| Import | Goods coming into a country. |
| Export | Goods going out of a country. |
| Specialization | When a country produces one main export or crop. |
| Diversify | To add variety |
| Literacy Rate | The percentage of people that can read and write |
| Standard of Living | The overall well being of a nation (how wealthy and healthy it is) |
| GCP | The total amount of goods and services produced in a country per year. |
| Human capital | The people and the skills they use to make a product. |
| Capital goods | The items used to make a product. These include factories, buildings, machinery, and technologies. |
| Entreprenur | A person who takes a risk by investing in a business. |
| Debt | Borrowing money you don't have. |
| Invest | Using money to support money-making projects. |
| Opportunity Costs | The things one must give up in order to achieve a larger goal. |
Created by:
AriadnaBolano33
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