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6th gr GA Economics
6th grade Georgia Economics
| Term | Definition |
|---|---|
| embargo | type of trade barrier that forbids trade with another country |
| standard of living | a level of material comfort as measured by the goods, services, and luxuries available to an individual, group, or nation |
| currency exchange | a method by which money from one country is converted into the currency of another country to pay for goods and services in that country |
| specialization | when one country can produce a good or service at a lower opportunity cost than another country |
| gross domestic product (GDP) | a measurement of the total goods and services produced in a country in one year |
| literacy rate | the number of people in an area that can read and write |
| entrepreneurship | when individuals or groups have an idea for a good or service and take the risk to produce it |
| human capital | the people who perform labor and the education and training needed to make them more productive |
| natural resources | materials or substances that occur in nature and can be used for economic gain |
| capital (physical) | the factories, machinery, and technology used to produce goods and services |
| quota | a type of trade barrier that places a limit on the amount of a good that can be imported into a country |
| tariff | a trade barrier that places a tax on imported goods |
| international trade | involves countries from all over the world engaging in voluntary trade |
| economic continuum | an instrument for showing how economic systems relate to each other on a scale of more government control vs. less government control |
| investment | providing money, resources, or opportunities in order to gain profitable returns in the future |
| voluntary trade | occurs when both or all countries expect to gain from trading with one another |
| traditional economy | an economic system in which traditions, customs, and beliefs help determine the goods and the services the economy produces |
| command economy | a system where the government determines what goods should be produced, how much should be produced and the price at which the goods are offered for sale. Often found in a communist society |
| market economy | an economic system in which economic decisions and the pricing of goods and services are made by individual citizens and businesses. There is little government intervention. |
| mixed economy | describes the economic system of all countries in the world today and the amount of government involvement there is in answering the three basic economic questions |
| 3 basic economic questions | What to produce, How to produce, and For whom to produce |
| United Kingdom (U.K.) | far to the market side of the economic continuum |
| Germany | on the market side of the economic continuum BUT fairly far away from the U.K. (back towards command) |
| Russia | practically dead center on the economic continuum |
| Cuba | mixed but more on the command side of the continuum |
| Brazil | mixed but more on the market side of the continuum but not as far as the U.S. and Canada |
| Mexico | mixed but more on the market side of the continuum |
| Canada | mixed but more on the market side of the continuum |
| All countries of the world | have mixed economies |
Created by:
Bailey6ss
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