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GSE Unit 6 Vocab #3

GSE Unit 6 Vocabulary Quiz #3

outsourcing the transfer of work/production from one country to another where the cost of labor/manufacturing is cheaper
shale oil an alternative fossil fuel derived from fossilized organic material found in sedimentary rock
standard of living the level of wealth and material comfort available to a people
currency a nation’s money
currency exchange converting one nation’s money into an equivalent value/quantity of another’s
exchange rate the approximate value of one nation’s currency in terms of another’s
literate able to read and write in one’s native language
literacy rate the percent of a nation’s population over the age of 15 who are able to read and write
GDP per capita the average annual income of a nation’s citizens; per capita is Latin for “by each head”
gross domestic product (GDP) the estimated total value of all the final goods and services produced in a nation in a year’s time.
human capital the knowledge, skills, and relative health of a nation’s labor force
capital goods the factories, machinery, technology, etc. that are necessary to sustain a service or industry
Created by: jpkelley