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SOCIAL STUDIES
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Question | Answer |
---|---|
Economy | The social science that deals with the production, distribution and consumption of goods and services |
Bartering | Exchanging one good or service for another |
3 Questions Answered | What to produce, How to produce it, For whom to produce |
Traditional Economy | based on customs and traditions |
Command Economy | government controls what goods are made + how they will be made |
Market | (capitalism) economic system based on free trade and competition |
Capatilism | Economic in which private owners control the production of goods and profit (free enterprise, market economy) |
Supply | How much people have or how much is available |
Demand | What or how much people want |
Mixed Economy | combination of government and privately owned business |
Specialization | Making a living doing what a person does best |
Natural Resources | items that come from the world around us that we use for our own purposes |
Capital goods | items that people need to preform their job |
Human resources (capital) | a supply of people who can produce goods and services |
entrepeneur | people with new ideas that are willing to take risks to start a business or make a product |
Literacy rate | The percentage of people n a country who can read and write |
Standard of Living | Level of comfort in everyday life |
GDP per capital | the average annual income of a nation's citizens |
Tariff | A tax placed on imported goods |
Quota | number limit on how many items of a particular product can be imported for a particular country |
Embargo | bans on trading with another country for political reasons |
Currency | money |
Currency Exchange | converting one nation's money into an equal value of another nation's money |