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Economics 6th grade
| Term | Definition |
|---|---|
| Three basic economic questions | (1) What goods and services will be produced? (2) How will goods and services be produced? (3) Who will consume the good and services? |
| traditional economy | the customs and traditions of the past are used to decide what and how goods will be produced, distributed, and consumed; no currency, bartering used instead; oldest system |
| market economy | also called free enterprise system or capitalism; economic decisions are guided by changes in prices that occur between buyers and sellers in the market place; US, UK |
| command economy | government planning groups make the basic economic decisions; Russia |
| mixed economy | an economy having characteristics of both market and command systems; all countries have mixed economies today. We use an economic continuum to show how countries compare in their economic freedom. |
| trade barriers | ways that countries protect their economies by limiting trade |
| tariff | a tax on imported goods |
| quota | a limit placed on the number of imports that can come into a country |
| embargo | a government order stopping trade with another country (the strongest form of trade barrier) |
| free trade zone | the European Union; a group of countries between which no tariffs are collected; in a free trade zone, goods can be purchased for a lower price |
| European Union | Europe’s free trade zone |
| euro | the common currency of the European Union |
| currency | money used in a country to make the exchange of goods easier; the US dollar |
| Russian ruble | Russia’s currency |
| British pound | UK’s currency |
| Gross Domestic Product | the amount of good and services produced in a country in one year |
| human capital | the education, training, skills, and health of workers |
| capital goods | also called physical capital; factories, machines, technologies, buildings, and properety needed by businesses to operate |
| literacy rate | number of people in a country who can read and write their own language |
| specialization | the division of labor; work is divided into parts for workers, factories, or countries to become experts are producing certain goods |
| entrepreneur | one who risks his or her own money, time, ideas, and energy to start and run a business |
Created by:
Deigh
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