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GSE Unit 6 Vocab #3
GSE Unit 6 Vocabulary Quiz #3
| Term | Definition |
|---|---|
| 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:
kiragodwin
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