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6th gr GA Economics

6th grade Georgia Economics

TermDefinition
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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